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) 54 54 52 Revenue ($350.000) $ 16,300 $18,900 $ 18,200 Expenses: Wages and salaries (53,000 + $88.009) 7,716 7,752 Fuel ($32.889) 1,894 1,728 Airport fees ($890 $31.00) 1,664 2,459 2,564 2,502 Aircraft depreciation ($10.000) 540 540 520 Office expenses ($240 - $1.009) 462 294 292 Total expense 13,071 12,878 12,554 Net operating income $ 3,229 $ 6,022 $ 5,646 7,576 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. 8P hire an entire plane for an 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 fi.e., zero variance). Input all amounts as positive values.) Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget 54 Actual Results Flights 54 Planning Budget 52 $ 16,300 $ 18.900 $ 18,200 Revenue Expenses Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses Total expense Net operating income 7.716 1,894 2,459 540 7.752 1.728 2,554 540 294 12,878 6,022 462 7,576 1,664 2.502 520 292 12.554 5.646 5 13,071 3.220 $ $