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: Valean Plyovera Operating Data For the Month Ended July 31 Actual Flexible Planning Results Budget Budget 54 54 52 Flights (9) $ 16,500 $ 19,170 $ 18,460 Revenue ($355.009) Expenses: Wages and salaries ($3,600 + $88.00g) Fuel ($31.009) Airport fees ($880 + $31.009) Aircraft depreciation ($9.009) office expenses ($240 + $1.00) Total expense Net operating income 8,316 8,352 8,176 1,842 1,674 1,612 2,414 2,554 2.492 486 486 468 294 292 13,520 13,360 13,040 $ 2,980 $ 5,810 $ 5,420 462 The company measures its activity in terms of flights. Customers can buy individual tickets for overflights or hire an entire plane for overflight at a discount. Required: 1. Prepare a flexible budget performance report for July that includes revenue and spending variances and activity variances. (Indu the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). In all amounts as positive values.) Vulcan Flyovers 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 For the Month Ended July 31 Flexible Budget Actual Results Planning Budget 52 54 54 Flights $ $ $ Revenue 18,460 19,170 16,500 8,176 8,352 Expenses Wages and salaries Fuel 8,316 1,674 1,612 2,492 1,842 2,414 486 2,554 486 294 Airport fees Aircraft depreciation Office expenses Total expense Net operating income 462 13,520 2,980 468 292 13.040 5,420 13,360 $ 5,810 $ $