Vulcan Flyovers Operating Data For the Month Ended July 31 Flights (9) Revenue ($350.004) Expenses: Wages and salaries ($3,500+ $86.00q) Fuel ($34.004) Airport fees ($820 +$34.009) Aircraft depreciation ($10.009) office expenses ($230 $1.00g) Total expense Net operating income Actual Results Flexible Budget Planning Budget 58 60 60 $ 16,200 $ 21,000 $ 20,300 8,628 8,660 8,488 2,202 2,040 1,972 2,740 2,060 2,792 600 600 580 458 290 288 14,628 $1,572 14,450 $6,550 14,120 $ 6,180 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 Flights Revenue Actual Results 60 $ 16,200 Flexible Budget Planning Budget 60 58 $ 21,000 S 20,300 Expenses: Wages and salaries 8,628 8,660 Fuel 2,202 2,040 Airport fees 2,740 2,860 8,488 1,972 2,792 Aircraft depreciation 600 600 Office expenses 458 290 580 288 Total expense 14,628 14,450 14,120 Net operating income $ 1,572 $ 6,550 $ 6,180