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) 55 55 53 Revenue ($355.00q) $ 16,200 $ 19,525 $ 18,815 Expenses: Wages and salaries ($3,500 + $90.00q) 8,410 8,450 8,270 Fuel ($32.00q) 1,926 1,760 1,696 Airport fees ($820 + $30.00q) 2,365 2,470 2,410 Aircraft depreciation ($9.00q) 495 495 477 Office expenses ($220 + $1.00q) 443 275 273 Total expense 13,639 13,450 13,126 Net operating income $ 2,561 $ 6,075 $ 5,689 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. 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