Vulcan Flyovers offers scenic overflights of Mount Saint Helens. Data concerning the company's operations in July appear below: Vulcan Flyovers Operating Data For the Month Ended July 31 Flights (9) Revenue ($360.009) Expenses: Wages and salaries ($3,200 + $85.009) Fuel ($30.009) Airport fees ($880 + $30.009) Aircraft depreciation ($9.00q) Office expenses ($240 + $1.009) Total expenses Net operating income Actual Results Flexible Budget Planning Budget 61 61 59 $ 16,400 $ 21,960 $ 21,240 8,355 8,385 8,215 2,000 1,830 1,770 2,590 2,710 2,650 549 549 531 469 13,963 301 299 13,775 13,465 $ 2,437 $ 8,185 $ 7,775 The company measures its activity in terms of flights. Customers can buy individual tickets for overflights or hire an entire plane at a discount. Required: 1. Prepare a flexible budget performance report for July. Note: 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 Flights Actual Results Revenue and Spending Flexible Variances Budget Activity Variances Planning Budget 61 61 59 $ 16,400 $ 5,150 U $ 21,960 $ 700 F $ 21,240 Revenue Expenses: Wages and salaries 8,355 8,385 8,215 Fuel 2,000 1,830 1,770 Airport fees 2,590 2,710 2,650 Aircraft depreciation 549 549 531 Office expenses 469 301 299 Total expenses 13,963 13,775 13,465 Net operating income $ 2,437 $ 8,185 $ 7,775

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