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 ($355.00q) Expenses: Wages and salaries ($3,700+ $85.009) Fuel ($32.00q) Airport fees ($880 + $33.009) Aircraft depreciation ($11.00q) Office expenses ($240 +$1.00q) Total expenses Net operating income Actual Results Flexible Budget Planning Budget 59 59 57 $ 16,200 $ 20,945 $ 20,235 8,685 8,715 8,545 2,054 1,888 1,824 2,697 2,827 2,761 649 649 627 467 299 14,552 14,378 297 14,054 $ 1,648 $ 6,567 $ 6,181 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 59 $ 16,200 Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget Planning Budget 59 57 $ 20,945 $ 20,235 Revenue Expenses: Wages and salaries 8,685 8,715 8,545 Fuel 2,054 Airport fees 2,697 1,888 2,827 1,824 2,761 Aircraft depreciation 649 649 627 Office expenses 467 Total expenses 14,552 299 14,378 297 14,054 Net operating income $ 1,648 $ 6,567 $ 6,181