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 53 53 51 Flights (9) 516,500 5 18.550 $ 17,850 Revenue ($350.009) Expenses Mages and salarien ($3,200 + $91.000) Fuel (634.00) Airport foon (5820 + $33.009) Aircraft depreciation ($11.009) office expenses (5240 - $1.009) Total expense Net operating Income 7,981 8.023 7,841 1,964 1.802 1,734 2,444 2,569 2,50) 583 583 561 461 293 13,433 13,270 12.930 $ 3,067 $ 5,280 5 4,920 191 The company measures its activity in terms of flights. Customers can buy individual tickets for overlights 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 (ie, zero variance). Input all amounts as positive values.) Vulcan Flyover Flexible Budget Performance Report For the Month Ended July 31 Check my work 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 (ie, 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 51 Fights 53 53 ces $ 16,500 $ 18.560 $ 17.850 Revenue Expenses Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses Total expense Net operating income 7,981 1.964 2.444 583 8,023 1,802 2,569 583 293 13,270 5.280 7.841 1.734 2,503 551 291 12.930 4.920 461 13,433 3,067 $ 5 $