WW ushttps%253A 252Fims.mheducation.com%252Fmgh 9 Required Homework Saved Operating Data For the Month Ended July 31 Actual Results 59 Flights (a) Flexible Planning Budget Budget 59 57 5 16.500 $ 20,945 $ 20,235 Revenue (5355.809) Expenses: Wages and salaries (53,600 + 586.609) Fuel (533.000) Airport fees (5850 534.009) Aircraft depreciation ($10.000) Office expenses (5210 + $1.609) Total expense Net operating income 8,642 8,674 8,502 2,111 1,947 1,881 2,741 2,856 2,788 590 590 570 437 269 267 14,521 14,336 14.008 $ 1,979 $ 6,609 5 6,227 Book The company measures is activity in terms of flights. Customers can buy individual tickets for overflights or hire an entire plane fo overflight at a discount. Required: 1. Prepare a flexible budget performance report for July that includes revenue and spending variances and activity variances (Indic the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (ie, zero variance). Inpu all amounts os positive values.) Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexiblo Budget 59 Actual Results Planning Budget 57 Flights 59 5 16,500 $ 20,945 $ 20 235 Revenue Expenses Wages and salaries Fuel Airport fees Ararat depreciation Otice expenses Total compense Not operating income 8.642 2.111 2.741 590 8674 1,947 2856 590 269 14336 6,609 8.502 1881 2.788 570 267 14003 6.227 18521 1.979 $ 5 $ Mc