vulcan Flyovers Operating Data For the Month Ended July 31 Actual Flexible Planning Results Budget Budget 61 61 59 Flights (q) Revenue ($355.009) Expenses: Wages and salaries ($3,300 + $88.909) Fuel ($34.00) Airport fees ($800 + $34.00) Aircraft depreciation ($11.00q) Office expenses ($230 + $1.009) Total expense Net operating income $ 16,300 $ 21,655 $ 20,945 8,632 8,668 8,492 2,236 2,074 2,006 2,759 2,874 2,806 671 671 649 459 291 14,757 14,578 14,242 $ 1,543 $ 7,077 $ 6,703 289 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 61 Actual Results Planning Budget 59 Flights 61 $ 16,300 $ 5,355 U $ 21,655 $ $ 710F 20.945 Revenue Expenses: Wages and salaries Fuel 36F 1620 8.632 2,236 2,759 671 459 115 F Airport fees Aircraft depreciation Office expenses Total expense Net operating income 8,668 2,074 2,874 671 291 14,578 7,077 $ 176 U 68/U 68 U 220 20 3360 None 1680 179 U 5,534 U 8,492 2,006 2,806 649 289 14,242 6,703 14,757 1,543 $ $ 374 F $ $