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Desert Flyovers offers scenic overflights of Death Valley in Eastern California. Data concerning the company's operations in July appear below: Flexible Budget 110 2 ? ? Desert Flyovers Budget For the Month Ended July 31 Planning Budget Flights (9) Revenue ($3409). Expenses: Wages & Salaries ($7,000 + $80) Fuel ($300) Airport fees ($2,000 + $350).. Aircraft depreciation ($109)... Office expenses ($600 + $109).. Net operating income.......... + ? ? ? ? _? $? ? ? ? ? __? $.2 The actual results for July were as follows: Flights (9) ..90 Revenue $29,000 Variable Expenses $19,000 Fixed expenses $9,700 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 by using contribution format income statement. ( ) 2. Calculate the company's 1 activity variance for revenue(1981), 2 revenue variance (1821), 3 spending variance for variable expense (21201) and 4 spending variance for foed expense ( ). 3. Which of the variances should be of concern to management? Explain