Exercise 9-4 (Algo) Prepare a Flexible Budget Performance Report [LO9-4] Vulcan Flyovers offers scenic overflights of Mount St. Helens, the volcano in Washington State that explosively erupted in 1982. Data concerning the companys operations in July appear below: Vulcan Flyovers Operating Data For the Month Ended July 31 Actual Results Flexible Budget Planning Budget Flights (q) 61 61 59 Revenue ($345.00q) $ 16,100 $ 21,045 $ 20,355 Expenses: Wages and salaries ($3,600 + $86.00q) 8,814 8,846 8,674 Fuel ($32.00q) 2,118 1,952 1,888 Airport fees ($880 + $31.00q) 2,651 2,771 2,709 Aircraft depreciation ($9.00q) 549 549 531 Office expenses ($230 + $1.00q) 459 291 289 Total expense 14,591 14,409 14,091 Net operating income $ 1,509 $ 6,636 $ 6,264 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.)