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 (9) Revenue ($345.00q) Expenses: Wages and salaries ($3,000+ $86.004) Fuel ($32.004) Airport fees ($850 + $34.009) Aircraft depreciation ($9.009) Office expenses ($200 + $1.009) Total expenses Net operating income Actual Results Flexible Budget Planning Budget 53 53 51 $16,200 $ 18,285 $ 17,595 7,526 7,558 7,386 1,862 1,696 1,632 2,527 2,652 2,584 477 477 459 421 253 251 12,813 12,636 12,312 $ 3,387 $ 5,649 $ 5,283 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 varlance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (l.e., zero variance). Input all amounts as positive values. Vulcan Flyovers Flights Revenue Flexible Budget Performance Report For the Month Ended July 31 Actual Results Flexible Budget Planning Budget 53 53 51 $ 16,200 $ 18,285 S 17,595 Expenses: Wages and salaries 7,528 7,558 7,388 Fuel 1,882 1,696 1,632 Airport fees 2,527 2.652 2.584 Aircraft depreciation 477 477 459 Office expenses 421 253 251 Total expenses 12.813 12.638 12.312 Net operating income $ 3,387 $ 5.649 S 5,283