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 Results 61 Flexible Planning Budget 61 59 Flights (9) $ 16,300 $ 21,960 $ 21,240 Revenue (1360.00) Expenses Mages and salaries ($3,300 + 589.00) Fuel (533.000) Airport fees (5860 + $35.609) Aircraft depreciation ($9.00) office expenses (5230 + $1.00) Thtal expense Net operating income 8,729 8,551 2,177 2,013 1,947 2,845 2.995 2,925 549 549 531 291 22 14,721 14.577 14,243 $ 1,579 $ 7,3835 6,997 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 (Lezero variance). Input pll amounts as positive values.) 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 61 Actual Results Flights 61 Planning Budget 59 $ 16,300 $ 21,960 $ 21,240 8,691 2,177 8,729 8,551 Revenue Expenses Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses Total expense Net operating income 1.947 2,845 549 459 14,721 1,579 2013 2.995 549 291 14,577 7383 2.925 531 289 14243 $ $ $ 6.997