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 61 62 59 Flights (9) $ 16,400 $21,655 $20.945 Revenue (5355.009) Expenses Wages and salaries ($3,700 + $86.004) Fuel ($33.009) Airport fees ($820 - $32.009) Aircraft depreciation ($10.000) office expenses ($240 + $1.009) Total expense Net operating income 8,914 8,946 8,774 2,177 2,013 1,947 2,622 2,772 2,708 610 610 590 469 301 14,792 14,642 14,318 $ 1,608 $ 7,013 $ 6,627 299 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 (l.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 overflight at a discount Required: 1. Prepare a flexible budget performance report for July that includes revenue and spending variances and activity variances. (Indica 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 59 61 61 Flights Revenue $ 16,400 $ 21,655 $ 20,945 8,946 8,774 1,947 Expenses: Wages and salaries Fuel Airport fees Alrcraft depreciation Office expenses Total expense Net operating income 8,914 2,177 2,622 610 2,013 2,772 610 2,708 590 299 469 14,792 301 14,642 7,013 14,318 6,627 $ $ 1,608 $