Vulcan Flyovers offers scenic overflights of Mount St. Helens, the volcano in Washington State that explosively erupted in 1982. Data concerning the companys operations in July appear below:

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 55 Flexible Planning Budget Budget 55 53 Flights (9) $ 16,300 $ 19,250 $ 18,550 Revenue ($350.009) Expenses : Wages and salaries ($3,300 + $88.009) Fuel ($34.009) Airport fees ($840 + $31.009) Aircraft depreciation ($10.000) Office expenses ($200 + $1.009) Total expense Net operating income 8,104 8,140 7,964 2,032 1,870 1,802 2,420 2,545 2,483 550 550 530 423 255 253 13,529 13,360 13,032 $ 2,771 $ 5,890 $ 5,518 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.) 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 Actual Results Planning Budget 53 Flights 55 55 $ 16,300 $ 19,250 $ 18,550 Revenue Expenses: Wages and salaries Fuel 8,104 8.140 7.964 2,032 1,870 1.802 2,420 2.545 2,483 530 Airport fees Aircraft depreciation Office expenses Total expense Net operating income 550 423 550 255 253 13,529 13,032 13,360 5,890 $ 2,771 $ $ 5,518