2:00 AM Fri Dec 9 References Vulcan Flyovers Operating Data For the Month Ended July 31 Actual Flexible Planning Results Flights (q) 52 Revenue ($345.00q) $16,200 Expenses: Wages and salaries ($3,600 + $90.00q) 8,240 Fuel ($33.00q) 1,880 Airport fees ($820 + $35.00q) 2,500 Aircraft depreciation ($9.00q) 468 Office expenses ($220 + $1.00q) 440 Total expense 13,528 $ 2,672 Net ope rating income i eztormheducationrcom Budget 52 $17,940 8,280 1,716 2,640 468 272 13,376 $ 4,564 Budget 50 $17,250 8, 100 1,650 2,570 450 270 13,040 $ 4,210 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. Requked: 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.) Hmhs Revenue Expenses: Wages and salaries Fuel Airport fees Aircraft depreciation Ofce expenses Total expense klal Anavann Inhnmn Q A 91!! e 52% @3