08:07 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 (q) Revenue ($350.009) Expenses: Wages and salaries ($3,500 + $91.00q) Fuel ($31.00q) Airport fees ($810 + $34.009) Aircraft depreciation ($9.00q) Office expenses ($230 +$1.009) Total expenses Net operating income Actual Results Flexible Budget Planning Budget 56 56 54 $ 16,200 $ 19,600 $ 18,900 8,554 8,596 8,414 1,904 1,736 1,674 2,609 2,714 2,646 504 504 486 454 14,025 286 284 13,836 3,504 $ 2,175 $ 5,764 $ 5,396 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.