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 52 52 50 Flights (9) $ 16,200 $18,720 $ 18,000 Revenge ($360.000) Expenses Wages and salaries ($3,100 + $92.000) Fuel (530.009) Airport fees ($860 + $31.009) Aircraft depreciation (59.004) office expenses ($220 + $1.009) Total expense Net operating income 7,840 7,884 7.700 1,730 1,560 1,500 2,372 2.472 2,410 468 468 450 440 270 12.850 12,656 12.330 3,350 $ 6,064 $ 5.670 272 The company measures its activity in terms of flights Customers can buy Individual tickets for overlights 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 (ie, 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 50 Flights 52 52 Revenue $ 16,200 $ 18,720 $ 18,000 Expenses: Wages and salaries Fuel 7,840 7,700 1,500 1,730 7.884 1,560 2.472 468 2,372 468 2,410 450 Airport foes Aircraft depreciation Office expenses Total expense Net operating income 272 270 440 12,850 3,350 $ 12,656 6,064 $ 12,330 5,670 $