:29 es 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 Actual Results Flexible Budget Planning Budget Flights (q) Revenue ($350.009) Expenses: Wages and salaries ($3,400 + $90.009) Fuel ($33.009) Airport fees ($850 + $32.009) Aircraft depreciation ($10.009) Office expenses ($240 +$1.009) Total expenses Net operating income 53 53 51 $ 16,200 $ 18,550 $ 17,850 8,130 8,170 7,990 1,913 1,749 1,683 2,401 2,546 2,482 530 530 510 461 293 13,288 $ 2,765 $ 5,262 $ 4,894 13,435 291 12,956 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 Revenue Actual Results Revenue and Spending Variances 53 $ 16,200 Flexible Activity Variances Budget Planning Budget 53 51 $ 18,550 $ 17,850 Expenses: Wages and salaries 8,130 8,170 7,990 Fuel 1,913 1,749 1,683 Airport fees 2,401 2,546 2,482 Aircraft depreciation 530 530 510 Office expenses 461 293 291 Total expenses 13,435 13,288 12,956 Net operating income $ 2,765 $ 5,262 $ 4,894