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 Flights 56 Revenue $ 16.2001 $ 20,010 1R 320 Expenses 8,428 Wages and salaries Fuel 8,568 1,910 2,510 638 8,604 1,740 2,610 638 Airport fees 1.680 2,550 616 266 13,540 5.780 436 Aircraft depreciation Office expenses Total expense Net operating income 268 14,062 13,860 6,150 $ 2,138 $