Vulcan Flyovers Operating Data For the Month Ended July 31 Flights (q) Revenue ($355.00q) Expenses: Wages and salaries ($3,400 + $92.00q) Fuel ($32.00q) Airport fees ($850 + $33.00q) Aircraft depreciation ($10.00q) Office expenses ($230 + $1.00q) Total expenses Net operating income Actual Results Flexible Budget Planning Budget 58 58 56 $ 16,500 $ 20,590 $ 19,880 8,692 8,736 8,552 2,022 1,856 1,792 2,614 2,764 2,698 580 580 560 456 288 286 14,364 14,224 13,888 $ 2,136 $ 6,366 $ 5,992 The company measures its activity in terms of flights. Customers can buy individual tickets for overflights or hire an entire plane at a discount. 1. Prepare a flexible budget performance report for July. Note: 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 Required: Flights Revenue Actual Results 58 $ 16,500 Flexible Budget Performance Report Expenses: Wages and salaries 8,692 Fuel 2,022 Airport fees 2,614 Aircraft depreciation 580 Office expenses 456 Total expenses 14,364 Net operating income $ 2,136 For the Month Ended July 31 Flexible Budget Planning Budget 58 56 $ 20,590 $ 19,880 EA 8,736 1,856 2,764 580 288 14,224 6,366 69 8,552 1,792 2,698 560 286 13,888 5,992