he company measures its activity in terms of flights. Customers can buy individual tickets for overflights or hire an entire plane for an iverflight at a discount. lequired: Prepare a flexible budget performance report for July that includes revenue and spending variances and activity variances. (Indicate he effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input Il amounts as positive values.)