48 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 Netual Flexible Planning Results Budget Budget Flights (9) 50 Revenue ($320.000) $13,5508 152160516,000 Expensesi Wages and salaries ($4,000 - $82.004) 8,430 7.936 8.100 Puel ($23.009) 1,260 1,104 1,150 Airport fees ($650 $38.004) 2,350 2,474 2,550 Aircraft depreciation ($7.00) 336 336 350 oftice expenses ($190 - $2.009) 460 286 290 Total expense 12/01 12/13 Net operating income $ 814 53,224 $3,560 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 "P" for favorable. "U" for unfavorable, and "None" for no effect (.e., zero variance). Input all amounts as positive values.)