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 Actual Results Flexible Budget Planning Budget Flights (q) Revenue ($320.00q) Expenses: Wages and salaries ($4,000 +$82.00q) Fuel ($23.00q) Airport fees ($650 +$38.00q) Aircraft depreciation ($7.009) Office expenses ($190 + $2.00) Total expenses Net operating income 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 12,836 286 12,136 290 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. Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flights Revenue Expenses: Wages and salaries Fuel Aimort fees Actual Results 48 $ 13,650 8,430 1,260 2350 Flexible Budget Planning Budget 48 50 $ 15,360 $ 16,000 7,936 1,104 2474 8,100 1,150 2550