Vulcan Flyovers Operating Data For the Month Ended July 31 Actual Flexible Planning Results Budget Budget 60 60 58 Flights (9) $ 16,200 $ 21,000 $20,300 Revenue ($350.009) Expenses: Wages and salaries ($3,800 + $88.009) Fuel ($30.009) Airport fees ($840 + $31.009) Aircraft depreciation ($9.00) Office expenses ($240 + $1.00) Total expense Net operating income 9,044 9,080 8,904 1,970 1,800 1,740 2,590 2,700 2,638 540 540 522 468 300 298 14,612 14,420 14,102 $ 1,588 $ 6,580 $ 6,198 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 60 Actual Results 60 Planning Budget 58 Flights $ 16,200 $ 21,000 $ 20,300 Revenue Expenses: Wages and salaries Fuel 9,044 8,904 9,080 1,800 1,740 1,970 2,590 2,700 2,638 540 540 522 Airport fees Aircraft depreciation Office expenses Total expense Net operating income 468 300 298 14,612 14,420 6,580 14,102 6,198 $ 1,588 $ $