Vulcan Flyovers Operating Data For the Month Ended July 31 Actual Flexible Planning Results Budget Budget Flights (9) 54 54 52 Revenue ($350.28) $ 16,200 $ 18,900 $18,200 Expenses: Wages and salaries ($3,300 + $90.00) Fuel (532.809) 8,120 8,160 7,980 1,894 1,728 Airport fees (5848 - $32.ee) 1,664 2,453 2,568 2,504 Aircraft depreciation (58.089) 432 432 416 Office expenses ($230 - $1.00) 452 284 282 Total expense 13,351 13, 172 12,846 Net operating income $ 2,849 $ 5,728 $ 5,354 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 (.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 Flights 54 Planning Budget 52 54 $ 16.200 $ 18,900 $ 18,200 Revenue Expenses Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses 8,120 1,894 8,160 1,728 2,568 432 7,980 1,664 2,504 2,453 432 452 13,351 2,849 416 Total expense 284 Net operating income $ 13.172 5,728 282 12.846 5,354 $ $