vuican Flyovers Otters scenic overtlights of Mount Saint Helens, the voicano in washington State that explosively erupted in 1982. Data cor Assessment Tool iFrame ly's operations in July appear below: Vulcan Flyovers Operating Data For the Month Ended July 31 Flights (q) Revenue ($350.00q) Expenses: Wages and salaries ($3,200 + $88.009) Fuel ($33.009) Airport fees ($850 + $34.00q) Aircraft depreciation ($8.009) Office expenses ($220 + $1.00q) Total expense Net operating income Actual Results Flexible Budget Planning Budget 58 58 56 $ 16,400 $ 20,300 $ 19,600 8,268 8,304 8,128 2,078 1,914 1,848 2,702 2,822 2,754 464 464 448 446 13,958 278 276 13,782 13,454 $ 2,442 $ 6,518 $ 6,146 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.) Flights Revenue Expenses: Wages and salaries Fuel Actual Results 58 $ 16,400 8,268 2,078 Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget Planning Budget 58 56 $ 20,300 $ 19,600 8,304 1,914 8,128 1,848