vuzcan rayovers Operating Data for the Month Ended July 31 Flights (9) Revenue ($350.000) Mages and salaries ($3,200 $86.00) Fuel ($34.00g) Aircraft depreciation ($10.004) Airport fees (5070 $35.00g) office expenses ($210 + $1.009) Total expense Net operating income Actual Results Flexible Planning Budget Budget 54 54 52 $16,500 5.18,900 $10,200 7,812 7,144 7,672 1,998 1,836 1,768 2,620 2,760 2,090 540 540 520 432 264 262 13,402 33,244 12,912 $ 3,098 $5,656 $5,280 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: ces 1. Prepare a flexible budget performance report for July that includes revenue and spending variances and activity variances Note: 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 as positive values. Volcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flights Revenue Actual Results Revenue and Spending Variances 54 $ 16,500 Flexible Budget Activity Variances Planning Badges 54 52 $ 18,900 S 18,200 Expenses Wages and salaries 7512 7,044 7,672 Fud 1,990 1,836 1,768 Airport 2.620 2,760 2,650 Aircraft depreciation 540 540 520 Office expenses 432 264 262 Total expense 13.402 13.244 12.912 Net operating income $ 3,090 $ 5,656 $ 5,268