Vulcan Flyovers Operating Data For the Month Ended July 31 Actual Results Flights (q) Revenue ($340.00g) Expenses Kages and salaries ($3,700+ $87.00g) Fuel ($32.00g) Airport fees ($820 + $30.00g) Aircraft depreciation ($9.00g) office expenses ($210 +$1.00g) Total expense Net operating income Flexible Budget Planning Budget 62 62 60 $ 16,200 $ 21,080 $ 20,400 9,060 9,094 8,920 2,150 1,984 1,920 2,565 2,680 2,620 558 558 540 440 272 270 14,773 $1,427 14,588 $6,492 14,270 $ 6,130 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 (ie., zero variance). Input all amounts as positive values.) Flights Revenue Expenses Wages and salaries Fuel Airport fees Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Actual Results Revenue and Spending Flexible Actvity Variances Variances Budget Planning Budget 62 62 60 $ 16,200 $ 4,880 U 21,080 $ 680 F $ 20,400 9,060 F 9,094 U 8,920 2,150 U 1,984 U 1,920 2.565 F 2,680 U 2,620 Chec