Vulcan Flyovers offers scenic overflights of Mount Saint Helens. Data concerning the company's operations in July appear below: Vulcan Flyovers Operating Data For the Month Ended July 31 Flights (q) Revenue ($340.009) Expenses: Wages and salaries ($3,500+ $88.009) Fuel ($33.009) Airport fees ($850 + $31.009) Aircraft depreciation ($9.009) Office expenses ($240 + $1.009) Total expenses Net operating income Actual Results Flexible Budget Planning Budget 58 58 56 $ 16,400 $ 19,720 $ 19,040 8,568 8,604 8,428 2,078 1,914 1,848 2,543 2,648 2,586 522 522 504 466 298 296 14,177 13,986 13,662 $ 2,223 $ 5,734 $ 5,378 The company measures its activity in terms of flights. Customers can buy individual tickets for overflights or hire an entire plane at a discount. Required: 1. Prepare a flexible budget performance report for July. Note: 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 Flights Revenue Actual Results 58 $ 16,400 Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget Planning Budget 58 56 $ 19,720 $ 19,040 Expenses: Wages and salaries 8,568 8,604 8,428 Fuel 2,078 1,914 1,848 Airport fees 2,543 2,648 2,586 Aircraft depreciation 522 522 504 100