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