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Vulcan Flyovers offers scenic overflights of Mount St. Helens, the volcano in Washington State that explosively erupted in 1982. Data concering 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 (0) 61 61 59 $ 16,400 $ 21,655 $ 20,945 Revenue ($355.000) Expenses Wages and salaries ($3,200 $90.600) Fuel (530.000) Airport fees ($800 - $31.009) Aircraft depreciation ($11.089) office expenses (5250 + $1.000) Total expense Net operating income 8,650 8,690 8,510 2.000 1,830 1,770 2,546 2,691 2,629 671 671 649 479 311 309 14,346 14,193 13,867 $ 2,054 $ 7,462 $ 7,078 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 (i.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 Planning Budget 59 Flights 61 61 Revenue $ 16,400 $ 21655 $ 20,945 Expenses Wages and salaries Fuel Airport fees 8,650 2,000 2,546 671 479 8,690 1,830 2,691 671 311 8,510 1,770 2,629 649 309 Aircraft depreciation Office expenses Total expense Net operating income 14,346 2,054 14,193 7.462 13 867 7,078 $ S

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