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: Flights (9) Revenue ($360.00g) Vulcan Flyovers Operating Data For the Month Ended July 311 Expenses: Wages and salaries ($3,100 $89.00g) Fuel ($30.00) Airport fees ($840 530.00g) Aircraft depreciation ($10.00g) Office expenses ($250 $1.00g). Total expense Net operating income Actual Results 54 $ 16,300 7,868 1,790 2,325 (540 472 12,995 $ 3,305 Flexible Budget 54 $19,440 7,906 1,620 2,460 540 304 12,830 $6,610 Planning Budget 52 $ 18,720 7,728 1,560 2,400 520 302 12,510 $ 6,210 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.)