aces 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 Flights (q) Revenue ($355.00q) Expenses: Wages and salaries ($3,500+ $87.000) Fuel (532.004) Airport fees ($850 +$31.000) Aircraft depreciation ($10.00) office expenses ($220 + $1.000) Total expense Net operating income Actual Results 59 Flexible Planning Budget Budget 59 57 $16,400 $ 20,945 $ 20,235 8,599 8,633 8,459 2,054 1,888. 1,824 2,574 2,679 2,617 590 590 570 447 279) 277 14,264 14,069 13,747 $ 2,136 $6,876 $ 6,488 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.