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 Results 62 Flights (9) Flexible Planning Budget Budget 62 60 $ 16,400 $ 21,200 $ 21,000 Revenue ($350.000) Expenses : Wages and salaries ($3,200 + $89.09) Fuel (533.004) Airport fees (5840 + $31.009) Aircraft depreciation (59.609) office expenses ($240 + $1.689) Total expense Net operating income 8,600 8,718 8,540 2,210 2,046 1,980 2,647 2,762 2,700 558 558 470 382 300 14,565 14,386 14.060 $ 1,835 $ 7,314 $ 6,940 54 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 62 62 Flights $ S 21.000 Revenue $ 21.700 16,400 Ens 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 os positive values.) Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget 62 Actual Results Planning Budget 60 Flights 62 $ $ 16,400 $ 21,700 21,000 Revenue Expenses Wages and salaries Fuel 8.680 8,718 2,046 2,762 8,540 1,980 2,210 2,647 2,700 558 540 Airport fees Aircraft depreciation Office expenses Total expense Net operating income 558 470 14,565 302 14,386 7,314 300 14,060 6,940 $ $ $ 1,835