Vulcan Flyovers offers scenic overlights 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's For the Month Ended July 31 Actual Flexible Planning Operating Data Budget Results 60 Budit 58 $16.400 $20,700 $ 20,00 Flights (9) Revenue (5345.009) Expensest Mapes and salaries (53,200 + 389.00) Fuel ($30,000) Airport fees (5870.535.00) Aircraft depreciation ($10.000) Office expenses (5220 - $1.004) Total expense Net operating Income 8,502 8,540 8,362 1,970 1,800 1,740 2,845 2,970 2,900 600 5 448 280 278 14,365 14.190 13.860 $ 2,035 $ 6,510 $ 6,150 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 (i.e., zero variance). Input oll amounts os positive values.) Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget 60 Actual Results Planning Budget 58 Flights 60 $ 16,400 $ 20,700 $ 20,010 Revenue Expenses Wages and salaries Fuel 8,502 8,540 1,970 8,362 1,740 2.900 580 1,800 2,970 600 2,845 600 Aliport fees Aircraft depreciation Office expenses Total expense Net operating income 448 14,365 2,035 280 14.190 6,510 278 13,860 6,150 $ $ $