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 Results Flexible Planning Budget Budert Se Flights (9) $ 16,200 $ 18,460 $ 12,750 Revenue (5355.000) Expenses Wages and salaries (53,200 - 567.000) Fuel (532.000) Airport fees ($850 $33.000) Aircraft depreciation (55.000) office expenses (200 + 51.000) Total expense Net operating income 7,690 7.724 1,80 1,666 1,600 2,461 2,596 2,530 416 016 400 420 250 12/12 12,652 12,30 $ 3,303 $5,108 55,420 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 vartances 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 volues.) 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 oll amounts as positive volues.) Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget Actual Results Planning Budget 50 Flights 52 5 S 5 16.200 10.450 17.750 Revenue Expenses Wagers and salaries Fuel Airport loos Aircral depreciation Office expenses Total expense Net operating income 7.000 1.830 2.461 416 7.724 1,664 2,505 416 7550 1.000 2,530 200 250 12,330 5.420 420 12,817 3383 252 12.052 500 $ $