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 Flexible Planning Results Budget Budget Flights (9) 56 56 50 516,200 519,040 518,360 Revenue ($340.000) Expenses Wages and salaries ($3,400 + $89.009) Puel ($30.000) Airport fees ($850 + $34.009) Alroraft depreciation ($11.000) Office expenses (5240 + $1.009) Total expense Net operating income 3,346 8,384 8,206 1.850 1.680 1,620 2.649 2,754 2,686 616 616 594 464 296 294 13, 925 13,730 13,400 $ 2,275 $5.310 5 4,960 The company measures its activity in terms of flights. Customers can buy individual tickets for overtlights 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.) 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 56 Actual Results Planning Budget 54 Flights 56 Revenue $ 16.200 $ 19,040 $ 18,360 Expenses Wages and salaries Fuel 8,346 1.850 2,649 616 8,384 1,680 2,754 616 296 8,206 1.620 2,686 594 294 Airport fees Aircraft depreciation Office expenses Total expense Net operating income 464 13.925 2.275 13,730 5,310 13,400 4,960 $ $ $