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) Se $ 13,650 $ 15,360 $ 16,000 Revenue ($320.00) Expenses: Wages and salaries (54,000 - $82.089) Fuel (523.009) Airport fees ($650 + $38.00) Aircraft depreciation (57.00) Office expenses (5190 - $2.009) Total expense Net operating income 8.430 1.260 2,350 336 460 12,836 814 7.936 1.104 2,474 336 286 12,136 3,224 8.100 1. 150 2,550 350 290 12,440 S 3.560 $ 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 (.e, zero variance). Input all amounts as positive values.) Answer is not complete all amounts as positive values.) Answer is not complete. Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget Actual Results Planning Budget Flights Revenue $ 13,650 2000 x 15,360 $ 350 16.000 Expenses Wages and salaries Fuel 7.936 1,104 2474 Airport fees Aircraft depreciation 8,430 1,260 2,350 336 460 12 AM 814 (494) U (156) U 124 F None (174) U (700) U 2410F 8,100 1.150 2.550 350 200 12440 33 Office expenses 28 Total expense $ 224 $ 336F Net operating income 3.560