vuican riyovers oners scenic overigrits or mount saint meiens, the voicano in wasmington state that explosivery erupted in 1962 ata concerning the company's operations in July appear below: Vulcan Flyovers Operating Data For the Month Ended July 31 Flights (9) Revenue ($360.00g) Expenses Wages and salaries (53,600 $88.00g) Fuel ($30.00g) Airport fees (5880 $32.00g) Aircraft depreciation (59.00g) office expenses (5210 +$1.000) Total expense Actual Results Flexible Budget Planning budget 61 61 59 $16,100 $ 21,960 $ 21,240 8,932 8,968 8,792 2,000 1,830 1,770 2,712 2,832 2,768 549 549 531 439 271 269 14,632 14,450 14,130 $ 1,468 $7,510 $ 7,110 hoes Net operating income 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 (ie., zero variance). Input all amounts as positive values.) Flights Revenue Actual Results 61 $ 16,100 Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible. Budget Planning Budget 61 59 $ 21,960 $ 21,2401 Expenses Wages and salaries 8,932 Fuel 2,000 8,968 1,830 8,792 1,770 Airport fees 2,712 2,832 2,768 Aircraft depreciation 549 549 531 Office expenses 439 271 269 Total expense 14,632 14,450 14,130 Net operating income $ 1,468 $ 7,510 $ 7,110