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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 1 Actual Plexible Planning Results Budget Budget Plights (9) 52 52 50 Revenue ($345.009) $ 16,200 $ 17,940 $17,250 Expenses Wages and salaries ($3,500 $89.009) 8,090 8,128 7.950 Fuel ($32.009) 1,830 1,664 1,600 Airport fees ($800 - $32.009) 2,339 2,464 2,400 Aircraft depreciation ($8.004) 416 416 400 office expenses ($200 + $1.009) 420 252 250 Total expense 13,095 12,924 12.600 Het operating income $ 3,105 $ 5,016 $ 4,650 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. (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