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 Plyovers Operating Data For the Month Ended July 31 Actual Flexible Planning Results Budget Budget 58 58 56 Flights (9) $ 16,300 $ 20,590 $19,880 Revenue (S355.009) Expenses Wages and salaries ($3,400 + $87.009) Fuel ($33.009) Airport fees ($840 + $31.009) Aircraft depreciation ($10.009) Office expenses ($220 - $1.004) Total expense Het operating Income 8,412 8,446 8,272 2,078 1,914 1,848 2,493 2,638 2.576 580 580 446 278 276 14,009 13,856 13.532 $ 2,291 $ 6,734 $ 6,348 560 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 (ie, zero variance). Input all amounts as positive values.) Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget 58 Actual Results Planning Budget 56 Flights 58 Revenge $ 16,300 $ 20.500 $ 19,880 MacBook Air 80 DI DD F9 FS F& FB F10 $ & * 2 3 4 5 C 9 6 7 8 O $ 2,291 $ 6,734 $ 6,348 Net operating income 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 56 aces 58 58 $ 16,300 U $ 20,590 $ 19,880 F Revenue Expenses Wages and salaries Fuel Airport foos Aircraft depreciation Office expenses Total expense Net operating income 8.412 2,078 2,493 580 446 14,009 2,291 U F None 8.446 1,914 2,638 580 8,272 1,848 2,576 560 276 13,532 6,348 U 278 U 13,856 6,734 $ U $ $