Vulcan Flyovers offers scenic overflights of Mount Saint Helens, the volcano in Washington State that explosively erupted in 1982. Data concerning the company's operations in July appear below: Flexible Budget 62 $ 21,080 Planning Budget 60 $ 20,400 Vulcan Flyovers Operating Data For the Month Ended July 31 Actual Results Flights (9) 62 Revenue ($340.00q) $ 16,400 Expenses: Wages and salaries ($3,700 + $92.009) 9,360 Fuel ($32.00q) 2,150 Airport fees ($880 + $33.00) 2,776 Aircraft depreciation ($9.00) 558 Office expenses ($200 + $1.00q) 430 Total expense 15, 274 Net operating income $ 1,126 9,404 1,984 2,926 558 262 15,134 $ 5,946 9, 220 1,920 2,860 540 260 14,800 $ 5,600 The company measures its activity in terms of flights. Customers can buy individual tickets for overflights or hire an entire plane for an overflight at a discount. Daarirod. Required: 1. Prepare a flexible budget performance report for July that includes revenue and spending variances and activity variances. (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 Flexible Budget Actual Results Planning Budget 60 Flights 62 62 Revenue $ 16,400 $ 21,080 $ 20,400 Expenses: Wages and salaries 9,360 9,404 9,220 Fuel 2,150 1,984 1,920 2,776 2,926 2,860 Airport fees Aircraft depreciation 558 558 540 Office expenses 430 262 260 Total expense 15,274 15,134 14,800 Net operating income $ 1,126 $ 5,946 $ 5,600