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 Flyovers Operating Data For the Month Ended July 31 Actual Flexible Planning Results Budget Budget Flights (9) 54 54 52 Revenue ($355.209) $ 16,400 $ 19,170 $ 18,460 Expenses: Wages and salaries ($3,300 $92.009) 8,224 8,268 8,884 Fuel (31.989) 1,842 1,674 1,612 Airport fees (5840 + $30.089) 2,315 2,460 2,400 Aircraft depreciation (58.089) 432 432 416 Office expenses ($210 + $1.009) 432 264 262 Total expense 13,245 13098 12,774 Net operating income $ 3,155 $ 6,072 $ 5,686 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 "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 Planning Budget 52 Actual Results 54 54 Flights Net operating income $ 3,155 $ 6,072 $ 5,686 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 all amounts as positive values.) Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget Actual Results Planning Budget 52 Flights 54 54 $ 16,400 $ 19,170 $ 18,460 Revenue Expenses Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses Total expense Net operating income 8,224 1.842 2,315 432 8.268 1,674 2460 432 264 13,098 6,072 8,084 1,612 2,400 416 262 12,774 5,680 432 13.245 3.155 $ $ $