Vulcan Plyover's Operating Data For the Month Ended July 31 Actual Results 55 Flexible Planning Budget Budget 55 53 Flights (9) $ 16,100 $ 18,700 518,020 Revenue ($340.009) Expenses Wages and salaries ($3,700 + $86.009) Fuel (531.000) Airport fees (5888 + $30.000) Aircraft depreciation (58.009) office expenses ($240 + $1.009) Total expense Net operating Income 8.398 8.430 8,258 1,873 1,705 1,64) 2,395 2,530 2,670 440 440 424 463 295 293 13,569 1,400 13 000 $ 2,531 $5,300 $4,992 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 (ie, zero variance). Input all amounts os positive values.) OK 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.) int Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget Herences Actual Results 55 Planning Budget 53 Flights 55 $ 16,100 5 18.700 $ 18.020 Revenue Expenses Wages and salaries Fuel 8398 1 873 2395 440 Airport fees Alcral deprecation Orice expenses Total expense Net operating income 8.430 1,705 2.530 440 295 13.400 5,300 8.258 1,643 2.470 424 293 13.088 4.932 463 13.569 2.5311 $ $ $