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.) Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget Planning Budget Actual Results Flights 62 62 60 Revenue 16,400 21,080 $20,400 Expenses Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses 8,600 2,150 2,783 620 440 14,593 1,807 8,632 1,984 2,918 620 272 14,426 6,654 8,460 1,920 2,850 600 270 14,100 6,300 Total expense Net operating income