Vulcan Flyovers offers scenic overflights of Mount Saint Helens, the volcano in Washington State that explosively erupted in 1982. Data concerning the companys operations in July appear below: Vulcan Flyovers Operating Data For the Month Ended July 31 Actual Results Flexible Budget Planning Budget Flights (q) 58 58 56 Revenue ($355.00q) $ 16,200 $ 20,590 $ 19,880 Expenses: Wages and salaries ($3,600 + $87.00q) 8,612 8,646 8,472 Fuel ($33.00q) 2,078 1,914 1,848 Airport fees ($840 + $35.00q) 2,765 2,870 2,800 Aircraft depreciation ($9.00q) 522 522 504 Office expenses ($210 + $1.00q) 436 268 266 Total expense 14,413 14,220 13,890 Net operating income $ 1,787 $ 6,370 $ 5,990 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. 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.)