vulcan flyovers Operating Data For the Month Ended July 31 Actual Results 52 Flexible Planning Budget Budget 52 50 Flights (9) $ 16,100 $ 18,200 $ 17,500 Revenue ($350.009) Expenses: Wages and salaries ($3,100 + $86.009) Fuel ($32.009) Airport fees ($810 + $30.009) Aircraft depreciation ($10.009) Office expenses ($250 + $1.009) Total expense Net operating income 7,540 7,572 7,400 1,830 1,664 1,600 2,265 2,370 2,310 520 520 500 470 302 300 12,625 12,428 12,110 $ 3,475 $ 5,772 $ 5,390 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 50 Flights 52 52 Revenue $ 16.100 $ 18,200 $ 17,500 Expenses Wages and salaries Fuel 7,540 1,830 2,265 7,572 1,664 2.370 7,400 1,600 2,310 520 520 Airport fees Aircraft depreciation Office expenses Total expense Net operating income 500 300 470 302 12,625 12,428 12,110 5,390 $ 3,475 $ 5,772 $