Vulcan Flyovers Operating Data For the Month Ended July 31 Actual Results Flights (q) Revenue ($350.00g) Expenses: Wages and salaries ($3,600 + $85.00g) Fuel ($31.00g) Airport fees ($840 +$33.00g) Aircraft depreciation ($9.00g) Office expenses ($230 +$1.00g) Total expense Net operating income Flexible Budget Planning Budget 51 53 53 $ 16,100 $ 18,550 $ 17,850 8,075 8,105 7,935 1,811 1,643 1,581 2,484 2,589 2,523 477 477 459 451 13,298 283 281 13,097 12,779 $ 2,802 $ 5,453 $ 5,071 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.) Flights Actual Results 53 $ 16,100 Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget Planning Budget 53 51 $ 18,550 $ 17,850 Revenue Expenses: Wages and salaries 8,075 8,105 7,935 Fuel 1,811 1,643 1,581 Airport fees 2,484 2,589 2,523 Aircraft depreciation 477 477 459 Office expenses 451 283 281 Total expense 13,298 13,097 12,779 Net operating income. $ 2,802 $ 5,453 $ 5,071