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) 55 55 53 Revenue ($360.009) $ 16,100 $ 19,800 $ 19,080 Expenses: Wages and salaries ($3,600 + $91.009) 8,563 8,605 8, 423 Fuel ($31.00) 1,873 1,705 1,643 Airport fees ($850 + $32.009) 2,490 2,610 2,546 Aircraft depreciation ($9.000) 495 477 office expenses ($220 + $1.009) 443 275 273 Total expense 13,864 13,690 13,362 Net operating income $ 2,236 $ 6,110 $ 5,718 495 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 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 53 Flights 55 55 Revenue $ 16.100 $ 19,800 19,080 Expenses Wages and salarios Fuel 8,563 1,873 2,490 8,605 1,705 2,610 8,423 1,643 2,546 477 495 Alrport foes Aircraft depreciation Office expenses Total expense 495 443 13,864 275 273 13,690 13,362