58 concerning the company's operations in July appear below: Vulcan Flyovers Operating Data For the Month Ended July 31 Actual Results Flights (4) Expensess Revenue ($355.000) Wages and salaries (53,300 591,000) Fuel ($31.00) Flexible Budget Planning Budget 52 52 50 $ 16,300 $ 18,460 $ 17,750 7,990 8,032 7,850 1,780 1,612 1,550 Airport fees (5880 $31.00) Aircraft depreciation ($10.000). office expenses ($220 +$1.004) total expense Net operating income 2,357 2,492 2,430 520 520 500 448 272 270 13,087 $3,211 12,926 $5,532 12,600 $5,158 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 (ie., zero variance). Input all amounts as positive values.)