Vulcan Flyovers offers scenic overtlights 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) 55 55 53 $ 16,200 $ 18,975 $ 18,285 Revenue ($345.009) Expenses: Wages and salaries ($3,500 + 586.09) Fuel (533.889) Airport fees (3840 + $33.089) Aircraft depreciation ($9.000) Office expenses ($210 - $1.00) Total expense Net operating Income 8,198 8,230 8,058 1,979 1,815 1,749 2,525 2,655 2,589 495 477 433 265 263 13,630 13,460 13,136 $ 2,670 $ 5,525 $5,149 495 The company measures its activity in terms of flights. Customers can buy individual tickets for overlights or hire an entire plane for an overlight at a discount Required: 1. Prepare a flexible budget performance report for July that includes revenue and spending varionces 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 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 fi.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 53 55 55 Flights $ Revenue 16,300 $ S 18.9751 18,285 Expenses Wages and salaries Fuel 8,198 1,9791 2.525 495 433 Airport fees Aircraft depreciation Office expenses Total expense Net operating income 8.230 1,815 2,655 495 265 13.460 5.515 8,058 1,749 2,589 477 263 13,136 5,149 13,630 2.670 $ $ $