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 ($345.00g) Expenses: Wages and salaries ($3,400 +$89.00q) Fuel ($31.00q) Airport fees ($840 + $32.00q) Aircraft depreciation ($9.00q) Office expenses ($210 + $1.00q) Total expenses Net operating income Actual Flexible Planning Results Budget Budget 55 55 53 $ 16,200 $ 18,975 $ 18,285 8,257 8,295 8,117 1,873 1,705 1,643 2,455 2,600 2,536 495 495 477 433 13,513 265 263 13,360 13,036 $ 2,687 $ 5,615 $ 5,249 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 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 55 $ 16,200 Flexible Budget Planning Budget 55 53 $ 18.975 $ 18,285 Expenses: Wages and salaries 8,257 8,295 8,117 Fuel 1,873 1,705 1,643 Airport fees 2,455 2,600 2,536 Aircraft depreciation i 495 495 477 Office expenses 433 265 263 Total expenses 13,513 13,360 13.036 Net operating income $ 2,687 $ 5,615 $ 5,249