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 57 57 Revenue 16,400 19,665 18,975 Expenses Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses 8,280 1,880 2,410 570 455 13,595 2,805 8,316 1,710 2,550 570 287 13,433 6,232 8,140 1,650 2,490 550 285 13,115 5,860 Total expense Net operating income