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 ($345.009) Expenses: Wages and salaries ($3,000+ $88.009) Fuel ($31.00q) Airport fees ($840 + $34.009) Aircraft depreciation ($8.009) Office expenses ($220 +$1.009) Total expenses Net operating income Actual Results Flexible Budget Planning Budget 57 57 55 $ 16,000 $ 19,665 $ 18,975 7,980 8,016 7,840 1,935 1,767 1,705 2,633 2,778 2,710 456 456 440 445 13,449 277 275 13,294 12,970 $ 2,551 $ 6,371 $ 6,005 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 Actual Results 57 $ 16,000 Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget Planning Budget 57 55 $ 19,665 $ 18,975 Revenue Expenses: Wages and salaries 7,980 Fuel 1,935 8,016 1,767 7,840 1,705 Airport fees 2,633 2,778 2,710 Aircraft depreciation 456 456 440 Office expenses 445 277 275 Total expenses 13,449 13,294 12,970 Net operating income $ 2,551 $ 6,371 $ 6,005