Vulcan Flyovers offers scenic overflights of Mount St. Helens, the volcano in Weshington Seste that explosively erupted in 1992 Dets concerning the company's operations in July appear below: Vulcan Flyover's Operating Data For the Month Ended lys Actual Flexible Planning Budget Budget 58 56 Flights (9) 58 $ 15,300 $ 19,728 $ 19,849 8,512 8,546 Revenue (0.00) Expenses Wages and salaries (53,50 + $87.08) Fuel (532.0001 Airport fos (83. $32.00) Aircraft depreciation (18.00) Office expenses ($248 + $1.864) Total expense Net operating Income 2,521 5 58 465 58a 28 $ 2,149 $ 5,754 S 5,398 The company measures activity in terms of flights. Customers can buy individual tickets for overnights or hire an entire plane for an overight at a discount Required: 1. Prepare a flexible budget performance report for July that includes revenue and spending variances and activity vriences. Indicate the effect of each variance by selecting "F" for favorable. "U" for unfavorable, and "None for no effect (Le., zero variance). Input all amounts os positive values.) Vuloan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget Actual Results Planning Budget Fights .8 56 $ 16. 300 $ 19.720 S 19.040 Revenue Expenses Viages and sales FA Airport to 8.372 8.512 2.022 2571 580 8.546 1.866 2.626 1,792 2.622 580 296 Aircraft depreciation Om expenses Total Not operating income 456 14 151 2.145 298 13.986 13.642 5.3 $ $