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 Flyover Operating Data For the Month Ended July 31 Actuat Flexible Planning Resulta Budget Fudget Flights (9) 60 60 58 316,300 $20,700 920,010 Revenue ($345.009) Expenses: Wagon and salarien ($3,800 987.000) Fuel (934.000) Airport tees (5810 + 832.000) Aircraft depreciation ($11.00) office expenses (0200 + 91.009) Total expenso Net operating income 8,986 9,020 8,846 2,202 2,040 1.972 2, 610 2,730 2,666 660 660 638 420 260 250 14,886 14,710 14,380 31.414 $5.990-35,630 The company measures its activity in terms of flights Customers can buy individual tickets for overlights 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 vartances. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (1.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 Planning Budget 58 60 60 Flights 5 16,300 $ 20,700 5 20.010 Revenue Expenses: 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 Actual Results Flights Planning Budget 58 60 60 $ 16,300 $ 20,700 $ 20,010 8,986 Revenue Expenses: Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses Total expense Net operating income 2.202 2,610 660 428 14,886 1,414 9,020 2,040 2,730 660 260 14.710 5,990 8,846 1.972 2,666 638 258 14,380 5,630 $ S $