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 Flexible Planning Budget Budget 61 59 Flights (9) 61 $ 16,500 $ 21,655 $ 20,945 Revenue ($355.009) Expenses: Wages and salaries ($3,500 + $89.009) Fuel ($33.000) Airport fees ($810 + $34.009) Aircraft depreciation ($10.009) Office expenses ($210 + $1.009) Total expense 8,891 8,929 8,751 2,177 2,013 1,947 2,759 2,884 2,816 610 610 590 439 271 269 14,876 14,707 14,373 $ 1,624 $ 6,948 $ 6,572 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 (.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 (.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 Flights 61 61 59 Revenue $ 16.500 $ 21,6551 $ 20,945 Expenses: Wages and salaries 8.891 8,929 8.751 Fuel 2.177 2.013 1,947 Airport fees 2.759 2.884 2.816 Aircraft depreciation 610 610 590 Office expenses 439 271 269 14,876 14,707 14,373 Total expense Net operating income $ 1,624 $ 6,948 $ 6,572