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 Plexible Planning Results Budget Budget Flights (9) 57 52 55 Revenue ($355.009) $16,400 $ 20,235 $19,525 Expenses : Wages and salaries ($3,200 + $92.00) 8,400 8,444 8,260 Fuel ($32.009) 1.990 1,824 1,760 Airport fees ($880 - $31.009) 2,542 2,647 2,585 Aircraft depreciation ($10.000) 570 570 550 office expenses ($240 - $1.009) 465 297 295 Total expense 13.967 13,282 13,450 Net operating income $ 2,433 $ 6.453 $ 6,075 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. tero 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 fi.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 Flights 57 Planning Budget 55 57 $ 16,400 $ 20.235 $ 19,525 Revenue Expenses: Wages and salaries Fuel Airport foon Aircraft depreciation Office expenses Total expense Net operating income 8,400 1,990 2,542 570 8,444 1,824 2,647 570 297 13,782 8,453 8,260 1,760 2,585 550 295 13,450 6,075 465 13,967 2,433 $ $ $