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) 59 59 57 Revenue (5359.00) $ 16,400 $ 20,650 $ 19,950 Expenses: Wages and salaries ($3,200 + $87.609) 8,299 8,333 8,159 Fuel ($31.00) 1,997 1,829 1,767 Airport fees (5810 - $32.689) 2,563 2,698 2,634 Aircraft depreciation ($8.000) 472 office expenses ($240 - $1.004) 467 299 Total expense 13,798 13,631 13,313 Net operating income $ 2,602 $ 7,019 $ 6,637 472 456 297 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.) Requirea: 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 59 Actual Results Planning Budget 57 Flights 59 $ 16,400 $ 20,650 $ 19,950 8,299 8,333 8.159 1,767 Revenue Expenses: Wages and salarios Fuel Airport fees Aircraft depreciation Office expenses Total expense Not operating income 2,634 456 1,997 2,563 472 467 13,798 2,602 1,829 2,698 472 299 13,631 7,019 297 13,313 6,637 $ $ $