Vulcan Flyovers offers scenic overflights of Mount St. Helens, the volcano in Washington State that explosively erupted in 1982. Data concerning the company's operations in July appear below. Vulcan Flyovers Operating Data For the Month Ended July 31 Actual Plexible Planning Results Budget Budget 5656 54 Flights (9) $ 16,500 519,320518,630 Revenue ($345.009) Expenses Wages and salaries ($3,600 + $86.00) Fuel ($33.000) Airport fees ($800 - $33.00) Aircraft depreciation ($9.009) office expenses ($220 + $1.009) Total expense Net operating income 8,384 8,416 8,244 2,012 1,848 1,782 2, 498 2,648 2,582 504 504 486 444 276 274 13,842 13,692 13,368 $ 2,658 $ 5,628 55,262 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 Revenue and Spending Flexible Variances Budget Actual Results Activity Variances Planning Budget 54 56 56 Flights $ 18,630 $ 19,320 $ 16,500 8,384 2,012 8,244 1.782 8,416 1,848 2,648 504 2,582 Revenue Expenses: Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses Total expense Net operating income 486 2.498 504 276 444 274 13,368 5,262 13,842 2,658 13,692 5,628 $ $