Vulcan Flyovers offers scenic overflights of Mount St. Helens, the volcano in Washington State that explosively erupted in 1982. Data concerning the company's operations in July appear below: Vulcan Flyovers Operating Data For the Month Ended July 31 Actual Flexible Planning Results Flights (o) Budget Dodget 53 53 51 Revenue ($345.00) $ 15,400 5 18.285 $ 12,595 Expenses: Wages and salaries (53,400 $90.004) 8,110 Fuel ($31.000) 3,170 7,990 1,811 1,643 1.581 Airport fees (5810.333.004) 2,449 2,559 2,493 Aircraft depreciation ($11.00) 583 583 Office expenses (5240 - $1.00) 461 29) 291 Total expense 13,434 13,248 12,916 Net operating Income $ 2,966 $5,037 $ 4,679 561 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 fovorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.) 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 53 Actual Results Fights 53 Planning Budget 51 $ 10,400 s 18,285 Revenue Expenses Wages and salanes $ 17595 8130 Fuel Airport fees Aircraft depreciation Office expenses Total expense Net operating income 1811 2.449 583 461 13,434 2.966 8,170 1.643 2,550 583 293 13,248 5,037 7990 1,581 2,493 561 291 12,916 4679 $ $ $