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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 31 Actual Flexible planning Results Budget Budget Flights (9) 55 55 53 Revenue (5355.000) $ 16,100 $ 19,525 $ 18,815 Expenses: Wages and salaries (53,600 $88.004) 8,484 8,440 Fuel ($12.000) 8,264 1.926 Airport fees (5830.535.009) 2,025 2,755 Aircraft depreciation ($9.000) 495 477 office expenses ($250 - $1.000) 42 305 300 Total expense 11,923 13,255 13,425 Het operating income $ 2,177 55,770 $5,390 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 Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget 55 Actual Results Planning Budget 53 Flights 55 $ 16,100 $ 19,525 $ 18,815 8.440 8.264 1,696 Revenue Expenses Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses Total expense Net operating income 8,404 1.926 2,625 495 1,760 2.755 495 305 2,685 477 303 473 13,923 2,177 13.755 5,770 13.425 5,390 $ $ $