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 Flights (q) Revenue ($350.009) Expenses: Wages and salaries ($3,400 + $86.009) Fuel ($33.009) Airport fees ($840 + $31.009) Aircraft depreciation ($9.009) Office expenses ($200 + $1.00q) Total expenses Net operating income Planning Budget 62 62 60 $ 16,100 $ 21,700 $ 21,000 8,700 8,732 8,560 2,210 2,046 1,980 2,617 2,762 2,700 558 558 540 430 262 260 14,515 14,360 14,040 $ 1,585 $ 7,340 $ 6,960 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 Flights Revenue Actual Results 62 $ 16,100 Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget Planning Budget 62 60 $ 21,700 $ 21,000 Expenses: Wages and salaries 8,700 8,732 8,560 Fuel 2,210 2,046 1,980 Airport fees 2,617 2,762 2,700 Aircraft depreciation 558 558 540 Office expenses 430 262 260 Total expenses 14,515 14,360 14,040 Net operating income $ 1,585 $ 7,340 $ 6,960