Vulcan Flyovers offers scenic overflights of Mount Saint 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 (a) Revenue ($355.00g) Expenses: Wages and salaries ($3,780 $88.00q) Fuel ($31.004) Airport fees ($880 + $30.009) Aircraft depreciation ($10.000) office expenses ($220+ $1.000) Total expense Net operating income Actual Results 55 $ 16,500 Flexible Budget 55 $ 19,525 8,504 1,873 2,340 550 443 13,718 $ 2,798 $ 6,005 8,540 1,705 2,450 550 275 13,520 Planning Budget 53 $ 18,815 8,364 1,643 2,390 538 273 13,200 $ 5,615 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.