Operating Data For the Month Ended July 31 Actual Flexible Planning Results Budget Budget 58 58 56 Flights (9) $ 16,500 $ 20.010s 19,320 Revenue ($345.009) Expenses: Mages and salaries (53,500 + $85.009) Fuel (533.004) Airport fees (5630 + 331.009) Aircraft depreciation ($10.000) Office expenses (5210 - $1.009) Total expense Net operating income 8,400 8,430 8,260 2,070 1,914 1,848 2,533 2,678 2,616 580 580 560 436 268 266 14.027 13,870 13,550 $ 2,473 $ 6,140 $ 5,770 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 os positive values.) Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Revenue and Spending Flexible Variances Budget 58 Actual Results Activity Variances Planning Budget 56 Flights 58 $ 16,500 s 20.010 19,320 8,260 Revenue Expenses Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses Total expense Net operating income 8,430 1,914 2,678 1,848 8,400 2,078 2,533 580 436 14,027 2.473 580 268 2,616 560 266 13,550 5,770 13 870 $ 6.140