Vulcan flyovers offers scenic overflights of mount st. helens, the volcano in washington state that explosively erupted in 1982. data concerning the company’s operations in july appear below: vulcan flyovers operating data for the month ended july 31 actual results flexible budget planning budget flights (q) 61 61 59 revenue ($355.00q) $ 16,100 $ 21,655 $ 20,945 expenses: wages and salaries ($3,200 + $89.00q) 8,591 8,629 8,451 fuel ($30.00q) 2,000 1,830 1,770 airport fees ($870 + $32.00q) 2,717 2,822 2,758 aircraft depreciation ($10.00q) 610 610 590 office expenses ($220 + $1.00q) 449 281 279 total expense 14,367 14,172 13,848 net operating income $ 1,733 $ 7,483 $ 7,097 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
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