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
Operating Data
For the Month Ended July 31
	Actual Results		Flexible Budget		Planning Budget
Flights (q)		62		62		60
Revenue ($350.00q)	$	16,300	$	21,700	$	21,000
Expenses:
Wages and salaries ($3,500 + $88.00q)		8,920		8,956		8,780
Fuel ($32.00q)		2,150		1,984		1,920
Airport fees ($850 + $32.00q)		2,709		2,834		2,770
Aircraft depreciation ($9.00q)		558		558		540
Office expenses ($210 + $1.00q)		440		272		270
Total expense		14,777		14,604		14,280
Net operating income	$	1,523	$	7,096	$	6,720

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.)

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 Planning Budget Actual Results 62 60 62 Flights $21,700 $21,000 16,300 Revenue Expenses Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses 8,920 2,150 2,709 558 440 14,777 1,523 8,956 1,984 2,834 558 272 14,604 7,096 8,780 1,920 2,770 540 270 14,280 6,720 Total expense Net operating income