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 Ended July 31 Actual Results 61 Flexible Planning Budget Budget 61 59 Flights (9) $ 16,400 $ 20,740 $ 20.060 Revenue ($340,000) Expenses Wages and salaries (53,500 + $87.009) Fuel ($31.000) Airport fees (5860 +$34.000) Aircraft depreciation ($10.00) Office expenses (5220 + $1.004) Total expense Net operating income 8,773 8,807 8,633 2,059 1,891 1,829 2,809 2,934 2,866 610 610 590 449 281 279 14,700 14,523 14,197 $ 1,700 S 6,217 S 5,863 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 1 Flexible Budget Atual Results Planning Budget 50 01 01 Flights $ 16,400 5 20,740 5 20.000 3,773 3033 8.307 1,001 2.050 Revenue Expenses Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses Total expense Net operating income 2,800 2,034 610 010 281 1229 2.300 500 270 14.192 440 14.623 14.700 1.700 $ 0.217 5.803