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) 58 58 Revenue ($345.004) $16, 100 $20,010 $19, 320 Expenses Wages and salaries (53,600 + $89.009) 8,724 8,762 8,584 Fuel ($31.909) 1,906 1,798 1,736 Airport fees ($810. $30.009) 2,410 2,550 2,490 Aircraft depreciation ($9.009) 522 522 504 office expenses ($230 $1.009) 450 288 286 Total expense 14,070 113, 920 13.000 Net operating income $ 2,022 $ 6,000 $ 5.720 The company measures its activity in terms of flights. Customers can buy individual tickets for overflights or hire an entire plane for on 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 (.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 56 Flights 58 58 $ 16,100 $ 20.0101 $ 19,320 8,584 1736 Revenue Expenses Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses Total expense Net operating income 8,724 1.966 2.410 522 456 14,078 2022 8,762 1.798 2.550 522 288 13 920 6.090 2.490 504 286 13.600 5.720 $ 5