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 60 $ 21,300 Planning Budget 58 $ 20,590 Vulcan Flyovers Operating Data For the Month Ended July 31 Actual Results Flights (9) 60 Revenue ($355.009) $ 16,400 Expenses: Wages and salaries ($3,700 + $89.009) 9,002 Fuel ($31.009) 2,028 Airport fees ($860 + $34.009) 2,780 Aircraft depreciation ($9.009) 540 Office expenses ($220 + $1.009) 448 Total expense 14,798 Net operating income $ 1,602 9,040 1,860 2,900 540 280 14,620 $ 6,680 8,862 1,798 2,832 522 278 14,292 $ 6,298 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.) Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget Actual Results Planning Budget 58 Flights 60 60 Revenue $ 16,400 $ 21,300 $ 20,590 Expenses: Wages and salaries 9,002 9,040 8,862 Fuel 2,028 1,860 1,798 Airport fees 2,780 2,900 2,832 Aircraft depreciation 540 540 522 Office expenses 448 280 278 Total expense 14,620 14,292 14,798 1,602 Net operating income $ $ 6,680 $ 6,298