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 Unded July 31 Actal Flexible planning Results Budget Budget Flights (9) 58 58 56 Revenue ($350.009) $16,300 $20,300 $19,600 Expenses Wagon and salaries (93,500 + $89.004) 8,624 8,662 8,484 Fuel (033.000) 2,070 1.914 1.848 Airport foon ($890 $33.004) 2,684 2,804 2,738 Aircraft depreciation ($9.000) 522 522 504 Office expenses ($210+ $1.004) 436 268 266 Total expense 14,344 14,170 13,840 Net operating income $ 1,956 $ 6,130 $ 5,760 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 varlance by selecting "P" 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 Floxible Budget Actual Results Flights Planning Budget 56 58 58 $ 16,300 $ 20,3001 $ 19,600 Revenue Expenses: Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses Total expense Net operating income 8,662 1,914 2,804 8,624 2,078 2,684 522 436 14,344 1,956 522 8,484 1,848 2,738 504 266 13,840 5,760 268 $ 14,170 6,130 $ $