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 Nonth Ended July 31 Actual Flexible Plannin Reulta Budget Budget 56 Flights (4) 58 58 S16,100 $20,010 $19,320 Revenue ($345.00g) Expenses : Wages and salaries ($3,100 +$87.00g) Fuel ($32.00q) Airport fees ($870 +$35.00g) Aireraft depreelation (9.00g) Office expenses ($210$1.00g) 8,1128,146 7,972 2,022 1,856 1,792 2,785 2,9002,830 504 266 522 436 522 268 13.877 13,692 13,364 s 2,223 6,318 5,956 Total expense Net operating income 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