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) 53 53 51 Revenue ($350.089) $16,380 $18,550 $17,858 Expenses: Wages and salaries ($3,200 + $89.08) 7,879 7,917 7,739 Fuel ($32.00) 1,862 1,696 1,632 Airport fees ($820 + $30.00) 2,280 2,410 2,350 Aircra depreciation (59.ee) 477 477 459 office expenses ($200 + $1.009) 421 253 251 Total expense 12,919 12,753 12,431 Net operating income $ 3,381 $ 5,797 $ 5,419 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 "P for favorable, "U" for unfavorable, and "None" for no effect (ie, zero variance). Input all amounts as positive values.) Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Actual Flexible Planning Results Budget Budget Flights 53 53 51 $ 16,300 $ 18.550 $ 17,850 Revenue Expenses: Wages and salaries Fuel Airport foes Aircraft depreciation Office expenses Total expense Net operating income 7,879 1,862 2,280 7,917 1.696 2.410 477 7,739 1,632 2,350 459 477 421 12,919 3,381 253 12,753 5,797 251 12.431 5,419 $ $ $