I need help with this/. Expenses:8,3801,6122,452Wages and salaries ($3,700 + $90.00g)Fuel ($31.00g)Airport fees ($840 + $31.00g)Aircraft depreciation ($10.00g)Office expenses ($210 + $1.00g)Total expense8,3401,7802,3078,2001,5502,39050052052043026226013,37713,22612,900Net operating income$3,023$ 5,234$ 4,850The company measures its activity in terms of flights. Customers can buy individual tickets for overflights or hire an entireplane for an overflight at a discount.Required:1. Prepare a flexible budget performance report for July that includes revenue and spending variances and activityvariances. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for noeffect (i.e., zero variance). Input all amounts as positive values.)Vulcan FlyoversFlexible Budget Performance ReportFor the Month Ended July 31FlexiblePlanningBudgetActual ResultsBudgetFlights525250Revenue$16,400$18,460$17,750Expenses:Wages and salaries8,3408,3808,200Fuel1,7801,6121,550Airport fees2,3072,4522,390Aircraft depreciation520520500Office expenses430262260Total expense13,37713,22612,900Net operating income$3,023$5,234$4,850< Prev4 of 8Next > Vulcan Flyovers offers scenic overflights of Mount Saint Helens, the volcano in Washington State that explosively eruptedin 1982. Data concerning the company's operations in July appear below:Vulcan FlyoversOperating DataFor the Month Ended July 31FlexiblePlanningBudgetActualResultsBudgetFlights (q)Revenue ($355.00q)525250$ 16,400$ 18,460$ 17,750Expenses:Wages and salaries ($3,700 + $90.00q)Fuel ($31.00g)Airport fees ($840 + $31.00g)Aircraft depreciation ($10.00g)Office expenses ($210 + $1.00g)Total expense8,3401,7802,3078,3801,6122,4528,2001,5502,39052052050043026226013,37713,22612,900Net operating income$3,023$ 5,234$ 4,850The company measures its activity in terms of flights. Customers can buy individual tickets for overflights or hire an entireplane for an overflight at a discount.Required:1. Prepare a flexible budget performance report for July that includes revenue and spending variances and activityvariances. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for noeffect (i.e., zero variance). Input all amounts as positive values.)Vulcan FlyoversFlexible Budget Performance ReportFor the Month Ended July 31FlexiblePlanningBudgetActual ResultsBudgetFlights525250Revenue16,400$18,460$17,750Expenses:Wages and salaries8,3408,3808,200Fuel1,7801,6121,550Airport fees2,3072,4522,390Aircraft depreciation520520500Office expenses430262260< Prev4 of 8Next >

Variance analysis is the analysis of difference between actual and standard cost.

Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Planning Budget Actual Results Budget Flights 52 52 50 Revenue 2$ 16,400 $ 18,460 $ 17,750 Expenses: Wages and salaries 8,340 8,380 8,200 Fuel 1,780 1,612 1,550 Airport fees 2,307 2,452 2,390 Aircraft depreciation 520 520 500 Office expenses 430 262 260 Total expense 13,377 13,226 12,900 Net operating income $ 3,023 $ 5,234 $ 4,850