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 (g) Revenue ($355.00g) Expenses: Wages and salaries ($3,400+ $89.00g) Fuel ($34.00g) Airport fees ($880 +$31.00g) Aircraft depreciation ($9.00g) office expenses ($210 +$1.00g) Total expenses Net operating income Actual Results Flexible Budget Planning Budget 57 57 55 $ 16,500 $ 20,235 $ 19,525 8,435 8,473 8,295 2,100 1,938 1,870 2,542 2,647 2,585 513 513 435 267 14,025 13,838 495 265 13,510 $ 2,475 $ 6,397 $ 6,015 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 (l.e., zero variance). Input all amounts as positive values.