Vulcan Flyovers Operating Data For the Month Ended July 31 Actual Flexible Planning Results Budget Budget 54 54 52 Flights (9) $ 16,200 $ 18,630 $ 17,940 Revenue ($345.00) Expenses : Wages and salaries ($3,500 + $90.00g) Fuel ($31.009) Airport fees ($830 + $35.00) Aircraft depreciation ($10.009) Office expenses ($240 + $1.009) Total expense Net operating income 8,320 8,360 8,180 1,842 1,674 1,612 2,575 2,720 2,650 540 540 520 462 294 292 13,739 13,588 13,254 $ 2,461 $ 5,042 $ 4,686 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 Flexible Budget 54 Actual Results 54 Planning Budget 52 Flights $ 16,200 $ 18,630 $ 17.940 Revenue Expenses: Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses Total expense Net operating income 8,320 1,842 2,575 540 8,360 1,674 2.720 540 8,180 1,612 2,650 520 292 13,254 4,686 462 294 13,739 2,461 13,588 5,042 $ $ $