Sleeping Vultures was established in Tacoma several years ago. The company provides guided tours to Mt. Tahoma (known to a few people at Mt. Rainier). Data for the current month appear below: Sleeping Vultures Operating Data For the Month Ended July 31 Actual Results Flights (9) Revenue ($355.00g) Expenses: Wages and salaries ($3,300 + 586.00) Fuel ($33.000) Airport fees ($810 +$31.00q) Aircraft depreciation ($9.00) office expenses ($230 + $1.000) Total expense Net operating income 56 $16,500 8,084 2,012 2,401 504 454 13,455 $ 3,045 Planning Budget 54 $19,170 7,944 1,782 2,484 486 284 12,980 $6,190 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.) Sleeping Vultus Flexible Blodget Performance Report For the Month Ended July 311 Flights Revenue Expenses Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses Total expense Net operating income