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 Flyover's Operating Data For the Month Ended Duly 31 Actual Flexible Planning Results Budget Budget Flights (9) 53 53 51 Revenue ($350.009) $ 16,500 518,550 $ 17,850 Expenses: Hages and salaries (53,200 + 386.009) 7.726 7,758 7,586 Fuel (532.609) 1,862 1,696 Airport fees (5810 + 532.009) 1,632 2,381 Aircraft depreciation (511.009) 2,506 2,442 583 583 561 office expenses ($240 + 51.000) 462 291 Total expense 13,013 12.836 12,512 Net operating income $ 3,487 5 5,714 55,338 293 The company measures its activity in terms of flights Customers can buy individual tickets for overtlights 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 as positive values.) 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 fi.e., zero varionce). Input all amounts as positive values.) Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Revenue and Spending Flexible Variances Budget 53 Actual Results Activity Variances Planning Budget 51 Flights 53 S 17.850 $ $ 16.500 18.550 Revenue Expenses Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses Total expense Net operating income 7.726 1862 2.381 583 w 7758 1 696 2 506 583 293 12 836 5.714 7,586 1,632 2.442 561 291 12512 5338 461 13.013 $ $ $ 3.487