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 (q) 56 56 54 Revenue ($345.00) $16,500 $ 19,320 $ 18,630 Expenses: Wages and salaries (53,200 + $91.689) 8,254 8,296 Fuel ($33.00) 2,012 1,848 1,782 Airport fees $800 + $32.009) 2,442 2,592 2,528 Aircraft depreciation ($11.609) 616 616 594 Office expenses ($230 + $1.000) 454 286 284 Total expense 13, 778 13,638 13,302 Net operating income $ 2,722 5 5,682 $ 5,328 The company measures its activity in terms of flights. Customers can buy Individual tickets for overlights 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 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 (l.e., zero variance). Input all amounts as positive values.) Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget 56 Actual Results Planning Budget 54 Flights 56 $ 16.500 5 19,320 $ 18,830 Revenue Expenses Wages and salaries Fuel Airport fees Aircraft depreciation Ofice expenses Total expense Net operating Income 8,254 2,012 2.442 8.296 1,848 2,592 616 286 8.114 1,782 2,528 616 454 13,778 2.722 594 284 13,302 5,328 $ 13,638 5,682 $ $