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 53 51 Flights (9) $ 16,200 $ 18,285 $17,595 Revenue ($345.089) Expenses: Wages and salaries ($3,400 + $88.00) Fuel ($31.009) Airport fees ($860 + $30.000) Aircraft depreciation ($10.000) Office expenses ($240 - $1.009) Total expense Net operating income 8,028 1,811 2,345 530 461 13, 175 $ 3,025 8,064 7,888 1,643 1.581 2,450 2,390 530 510 293 12.988 12,660 $ 5,385 $ 4,935 291 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 effectie, zero variance). Input all amounts as positive values.) Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget Planning Actual Results Flights Revenue $ 16,200 $ 18,285 17,595 Wages and salaries ($3,400 + $88.989) Fuel ($31.089) Airport fees ($860 + $30.000) Aircraft depreciation ($10.000) Office expenses ($240 + $1.009) Total expense Net operating income 8,028 1,811 2,345 530 461 13,175 $ 3,025 8,064 8,064 7,888 1,643 1,581 2,450 2.398 530 510 293 291 12,90 12,660 $ 5,385 $ 4,935 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 (i.e., zero variance). Input all amounts as positive values.) Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget Planning Budget Actual Results Flights 18.285 17,595 16.200 Revenue $ Expenses: 7. BB8 8,028 Wages and salarios Fuel 8,064 1,643 2.450 1,581 1.811 2,300 Airport fees 2.345 550 510 Arcraft depreciation 530 461 13,175 3,025 Office expenses Total expense Not operating income 293 12,980 5,305 12.660 4.935 $