-tlook Vulcan Flyovers offers scenic overflights of Mount St. Helens, the volcano in Washington State that explosively erupted in 1982. Data concerning the company's operations in July appear below: Vulcan Flyovers Operating Data For the Month Ended July 31 Actual Flexible Planning Results Budget Budget Flights (a) 62 62 60 Revenue ($350.009) $16,400 $21,700 $21,000 Expenses: Wages and salaries ($3,500 + $88.009) 8,920 8,956 Fuel ($34.699) 2.270 2,108 2,040 Airport fees (5838 + $35.000) 2,860 3,000 2,930 Aircraft depreciation ($9.00) 558 558 540 Office expenses ($230 + $1.009) 460 292 290 Total expense 15,068 14,914 14,580 Net operating income $ 1,332 $ 6,786 56,420 Pint 8,780 erences 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 62 Actual Results Planning Budget 60 Flights 62 Revenue $ 16,400 $ 21.700 $ 21,000 8,956 2.108 8,780 2,040 Expenses Wages and salaries Fuel Airport foes Aircraft depreciation Office expenses Total de Net operating income 8.920 2.270 2.860 558 3,000 558 460 292 2.930 540 290 14,580 6,420 14.914 15.058 1,332 S $ 6.786 $