ok 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 (9) Revenue ($350.000) Expenses Wages and salaries ($3,000+ $89.004) Fuel ($33.00g) Airport fees ($810 + $33.00g) Aircraft depreciation ($10.00g) office expenses ($200 + $1.00g) Total expens Net operating income Actual Results Flexible Budget Planning Budget 56 56 54 $ 16,400 $ 19,600 $ 18,900 7,946 7,984 7,806 2,012 1,848 1,782 2,533 2,658 2,592 560 560 540 424 13,475 256 254 13,306 12,974 $ 2,925 $ 6,294 $ 5,926 inces 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.) Flights Revenue Actual Results 56 $ 16,400 Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget Planning Budget 56 54 $ 19,600 $ 18,900 Expenses: Wages and salaries 7.946 7,984 7,806 Fuel 2,012 1,848 1,782 Airport fees 2,533 2,658 2,592 Aircraft depreciation 560 560 540 Office expenses 424 256 254 Total expense 13,475 13,306 12,974 Net operating income $ 2,925 $ 6,294 $ 5,926