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 ($320.009) Expenses: Wages and salaries ($4,000 + $82.009) Fuel ($23.009) Airport fees ($650 + $38.009) Aircraft depreciation ($7.009) Office expenses ($190 + $2.009) Total expenses Net operating income Actual Results Flexible Budget Planning Budget 48 48 50 $ 13,650 $ 15,360 $ 16,000 8,430 7,936 8,100 1,260 1,104 1,150 2,350 2,474 2,550 336 336 350 460 286 290 12,836 12,136 12,440 $ 814 $ 3,224 $ 3,560 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. Flights Actual Results 48 $ 13,650 Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Revenue and Spending Variances Flexible Planning Activity Variances Budget Budget 48 50 $ 15,360 $ 16,000 Revenue Expenses: Wages and salaries 8,430 7,936 8,100 Fuel 1,260 1,104 1,150 Airport fees 2,350 2,474 2,550 Aircraft depreciation 336 336 350 Office expenses 460 286 290 Total expenses 12,836 12,136 12,440 Net operating income $ 814 $ 3,224 $ 3,560