Vulcan Flyovers offers scenic overflights of Mount St. Helens, the volcano in Washington State that explosively erupted in 1982 Data concering the company's operations in July appear below Vulcan yovers Operating Data For the Month Ended July 31 Actual Flexible Planning Results Budget Budget 54 54 52 Flights $16,100 $19,190 $10,460 Revenue (5355.000 Expenses Wages and salaries (63,000 +686.000) e $32.00) Airport Tees (6820 +633.004) Aircraft depreciation (11.000) Orice expenses 16250+ $1.004) Total expense Het operating income 7,612 7.644 7.992 1,894 1923 1.661 2,152 2,602 2,536 594 594 572 172 30- (302 13.024 12.072112516 5 3,376 $ 6.298 5,914 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. (Indicato 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 es positive values.) Vulcan Flyover Hexible Budget Performance Report For the Month Ended July 31 Flexible Budget 54 Actual Results 54 Flights Budget 52 5 16,400 5 19. 170 $ 18.460 Revenue Expenses Wages and salanes Fuel Aportfees 7,612 1,894 7,644 1.728 2,602 7.472 1.664 2,536 2.4521