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) 52 52 50 Revenue ($350.009) $ 16,300 $ 18,200 $ 17,500 Expenses: Wages and salaries ($3,300 + $90.009) 7,940 7,980 7,800 Fuel ($30.089) 1,730 1,560 1,500 Airport fees ($850 + $32.009) 2,399 2,514 2,45 Aircraft depreciation ($10.009) 520 520 500 Office expenses ($240 + $1.009) 460 292 290 Total expense 13,049 12,866 12,540 Net operating income $ 3,251 $ 5,334 $ 4,960 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... zero variance). Input all amounts as positive values.) Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Budget Actual Results Flexible Planning Budget 50 Flights 52 52 $ 16,300 18.2001 $ 17,500 Revenue Expenses Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget Actual Results Planning Budget 50 Flights 52 52 $ 16,300 $ 18,200 $ 17,500 Revenue Expenses: Wages and salaries Fuel 7,980 1,560 7,940 1.730 2,399 520 7.800 1,500 2,450 2,514 520 500 Airport fees Aircraft depreciation Office expenses Total expense Net operating income 460 292 290 13.049 3,251 12,866 5,334 $ 12,540 4,960 $