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 60 Flexible Planning Budget Budget 60 58 Flights (9) $ 16,300 $ 21,300 $ 20.590 Revenue ($355.009) Expenses: Wages and salaries ($3,300 - $88.009) Fuel ($32.000) Airport fees (5800 + $34.009) Aircraft depreciation (58.009) office expenses ($230 - $1.009) Total expense Net operating income 8,544 8,580 8,404 2,086 1,920 1,856 2,730 2,840 2,772 480 480 458 290 288 14,298 14, 110 13,784 $ 2,002 $ 7,190 $ 6,806 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.) Required: 1. Prepare a flexible budget performance report for July that includes revenue and spending variances and activity variance the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero varian all amounts as positive values.) Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget 60 Actual Results Planning Budget 58 Flights 60 Revenue $ 16,300 $ 21,300 $ 20,590 Expenses: Wages and salaries Fuel 8,544 8,580 2,086 8,404 1,856 1.920 2.730 2,772 2,840 480 480 464 Airport fees Aircraft depreciation Office expenses Total expense Net operating income 458 290 288 14,298 14.110 13,784 $ 2,002 $ 7,190 $ 6,806