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 Eoded July 31 Actual Flexible Planning Resulta Budget Tudget 54 54 52 Flights (9) 516,000 $18.630317 940 Revenue ($345.009) Expenses Wages and salaries ($3,600 990.000) Fuel ($33.000) Airport fees ($850 + $33.000) Aircraft depreciation ($9.000) office expenses ($240 - $1.000) Total expense Net operating income 8,420 8,460 8.280 1,946 1,782 1,716 2,522 2,632 2,566 486 292 13,836 13.322 # 2,166 $4,976 94,618 462 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 (le, 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 52 54 34 Flights office expenses ($240 + $1.009) Total expense Net operating Income 462 294 292 13,836 13,654 13,322 $ 2,164 $ 4.976 $ 4,618 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., 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 Planning Budget 52 54 54 $ 16,000 $ 18,630 17,940 8,280 Revenue Expenses Wages and salaries Fuel Airport foes Aircraft depreciation Office expenses Total expense Net operating income 8,420 1.946 2.522 1,710 2,566 486 8,460 1,782 2,632 486 294 13,654 4,978 468 462 13,836 2,164 292 13,322 4,618 $ $