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 Budget Budget Flights to 57 57 55 Revenue (5355.0091 $ 16,000 $20,235 $19,525 Expenses Wages and salaries (53,700 + 590.009) 8,790 3,030 8,656 Puel $31.009) 1,935 1,767 1.705 Airport fees (5860 - $32.009) 2,544 2,684 2,620 Aircraft depreciation ($10.000) 570 570 550 ortice expenses ($220 + $1.009) 445 277 275 Total expense 14,284 14,128 13,800 Net operating income $ 1.716 $ 6,107 $ 5.725 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 (l.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 (.e., zero variance). Input all amounts as positive values.) Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget Actual Results Flights Planning Budget 55 57 57 $ 16,000 $ 20.235 $ 19,525 8.790 8,830 1,767 Revenue Expenses Wages and salarios Fuel Airport foes Aircraft depreciation Office expenses Total expense Net operating income 2684 570 1,935 2,544 570 445 14,284 1,716 8,650 1,705 2,620 550 275 13,800 5,725 277 s 14,128 6,107 $ s