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: Valcan Flyovers Operating Data For the Month Ended July 31 Actual Flexible Planning Results Budget Budget 59 57 Flights (9) 59 $ 16,100 $20.945 $ 20,235 Revenue (5355.009) Expenses: Wages and salaries ($3,600 + $86.009) Fuel ($32.009) Airport fees ($880 + $32.00) Aircraft depreciation ($10.000) office expenses ($220 + $1.009) Total expense 8,642 8,674 8,502 2,054 1,888 1,824 2,663 2,768 2,704 590 590 570 447 279 277 14,396 14,199 13,877 $ 1,704 $ 6,746 $ 6,358 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... zero variance). Input all amounts as positive values.) 8 04:16:25 Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget Actual Results eBook Flights Planning Budget 59 Hint 59 Revenue Print $ 16.100 S 20.945 $ 20 235 References Expenses Wages and salarios 8,642 8,674 Fuel 2,054 1.888 8,502 1,824 Airport fees 2,663 2.768 2704 590 500 570 447 279 277 Aircraft depreciation Office expenses Total expense Net operating income 14,396 14,199 13.827 $ 1.704 5 6.746 $ 6.358