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) 62 62 60 Revenue ($360.00) $ 16,500 $22,320 $ 21,600 Expenses: Wages and salaries ($3,300 + $91.989) 8,900 8,942 8,760 Fuel (531.089) 2,090 1,922 1,860 Airport fees (5810 + $35.089) 2,860 2,980 2,910 Aircraft depreciation ($8.689) 496 496 480 Office expenses ($240 + $1.609) 470 302 300 Total expense 14,816 14,642 14,310 Net operating income $ 1,684 $ 7,678 $ 7,290 The company measures its activity in terms of flights. Customers can buy individual tickets for overlyights 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 (le, zero variance). Input all amounts as positive values.) Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Actual Results Planning 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 62 Actual Results Planning Budget 60 Flights 62 $ 16,500 $ 22,320 $ 21,600 Revenue Expenses: Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses Total expense Net operating income 8,900 2,090 2,860 496 8,942 1,922 2.980 8,760 1,860 2,910 480 300 14,310 7,290 496 302 14,642 7,678 470 14,816 1,684 $ $ $