Vulcan Flyovers offers scenic overflights of Mount St. Helens, the volcano in Washington State that explosively erupted in 1982. Data concerning the companys operations

Results 62 Budget 62 Budget 60 Flights (9) $ 16,000 $ 22,010 $ 21,300 Revenue ($355.009) Expenses: Wages and salaries ($3,800 + $87.009) Fuel ($31.000) Airport fees ($890 + $35.009) Aircraft depreciation ($9.009) Office expenses ($200 + $1.009) Total expense Net operating income 9,160 9,194 9,020 2,090 1,922 1,860 2,930 3,060 2,990 558 558 540 430 262 260 15,168 14,996 14,670 $ 832 $ 7,014 $ 6,630 The company measures its activity in terms of flights. Customers can buy individual tickets for overflights or hire an entire plane for an overflight at a discount. Required: 1. Prepare a flexible budget performance report for July that includes revenue and spending variances and activity variances. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.) Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget Actual Results Planning Budget 60 Flights 62 62 $ 16,000 $ 22,010 $ 21,300 9,160 9,194 9,020 2,090 1,922 Revenue Expenses: Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses Total expense Net.nperatina income..... 1,860 2,990 2.930 3,060 558 558 540 430 262 260 15,168 14.996 14,670 $ .8321 .$.. 7.014.) $. 6.630