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.) Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget Actual Results Planning Budget 57 59 59 $ 16,200 $ 21,240 $ 20,520 Flights Revenue Expenses: Wages and salaries Fuel 8,485 8,515 8,345 2,111 1,947 1,881 2,544 2,679 2,617 472 472 456 Airport fees Aircraft depreciation Office expenses Total expense Net operating income 467 299 13,912 7,328 297 13,596 14,079 $ 2,121 $ $ 6,924