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) 60 58 68 Revenue ($355.809) Expenses: Wages and salaries ($3,600 + $89.009) Fuel ($34.089) Airport fees ($800 + $33.000) Aircraft depreciation ($9.009) office expenses ($200 + $1.089) Total expense Net operating income 5 16,500 $ 21,300 $20,590 8,902 8,940 8,762 2,202 2,040 1,972 2,650 2,780 2,714 540 540 522 428 260 258 14,722 14,560 14,228 $ 1,778 $ 6,740 $ 6,362 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 (.e., zero variance). Input all amounts as positive values.) 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 (.e., zero variance). Input all amounts as positive values.) Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Revenue and Spending Flexible Variances Budget 60 Actual Results Activity Variances Flights Planning Budget 58 60 $ 16,500 U $ 21,300 $ 710F $ 20,590 38 F Revenue Expenses Wages and salarios Fuel Airport foes Aircraft depreciation Office expenses Total expense Not operating income 8.940 2,040 2.780 U U 8,762 1.972 2,714 8.902 2.202 2,650 540 428 14,722 1,776 130 F of None U 540 U 10 U 522 260 14,560 6,740$ 258 14.228 6.362 $ U $ 378 [F $