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 ($340.00g) Expenses: Wages and salaries ($3,100 + $85.00g) Fuel ($31.00g) Airport fees ($810 + $34.00g) Aircraft depreciation ($9.00g) Office expenses ($200 + $1.00q) Total expenses Net operating income Actual Results Flexible Budget Planning Budget 57 57 55 $ 16,300 $ 19,380 $ 18,700 7,915 7,945 7,775 1,935 1,767 1,705 2,628 2,748 2,680 513 513 495 425 13,416 257 255 13,230 12,910 $ 2,884 $ 6,150 $ 5,790 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 Flexible Budget Performance Report For the Month Ended July 31 Flights Revenue Actual Results Revenue and Spending Variances 57 $ 16,300 Flexible Activity Variances Planning Budget Budget 57 55 $ 19,380 $ 18,700 Expenses: Wages and salaries 7,915 7,945 7,775 Fuel 1,935 1,767 1,705 Airport fees 2,628 2,748 2,680 Aircraft depreciation 513 513 495 Office expenses 425 257 255 Total expenses 13,416 13,230 12,910 Net operating income $ 2,884 $ 6,150 $ 5,790