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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 Results 59 Flexible Planning Budget Budget 59 57 Flights (9) $ 16,100 $ 20,650 $ 19,950 Revenue ($350.009) Expenses: Wages and salaries ($3,200 + $88.009) Fuel ($30.009) Airport fees ($810 + $32.009) Aircraft depreciation ($11.009) Office expenses ($250 + $1.009) Total expense Net operating income 8,356 8,392 8,216 1,940 1,770 1,710 2,568 2,698 2,634 649 649 627 477 309 307 13,990 13,818 13,494 $ 2,110 $ 6,832 $ 6,456 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 57 Flights 59 59 Revenue $ 16,100 $ 20,650 $ 19,950 Expenses: Wages and salaries 8,356 8,392 8,216 Fuel 1,940 1,770 1,710 Airport fees 2,568 2,698 2,634 Aircraft depreciation 649 649 627 Office expenses 477 309 307 Total expense 13,990 13,818 13,494 Net operating income $ 2,110 $ 6,832 $ 6,456

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