Vulcan Flyovers Operating Data For the Month Ended July 31 Actual Flexible Planning Results Budget Budget Flights (9) 57 57 55 Revenue (5345.009) $ 16,100 $ 19,665 $18,975 Expenses: Wages and salaries ($3,eee + $91.089) 8,145 8.187 8,805 Fuel (533.089) 2.045 1.881 1,815 Airport fees (5890 + $30.00) 2,49e 2.600 2,540 Aircraft depreciation (sie.089) 57e 570 550 Office expenses (521e + $1.009) 435 267 265 Total expense 13,685 13,5es 13,175 Net operating income $ 2,415 $5,160 $ 5,800 The company measures its activity in terms of flights Customers can buy individual tickets for overflights or hire an entire plan 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, ficate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (.e., zero variance). I out all amounts as positive values.) Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget Actual Results Planning Budget 55 Flights 57 57 Revenue $ 16.100 $ 19,665 $ 18,975 Expenses Wages and salanes Fuel 8.145 2,045 2.490 570 Airport fees Aircraft depreciation Office expenses Total expense Net operating income 8,187 1,881 2,600 570 267 13,505 6,160 8,005 1.815 2.540 550 265 13,175 5,800 435 13,685 2,415 S s