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 ($340.000) $ 16,300 Expenses : Wages and salaries ($3,300 + $88.009) 8,720 Fuel ($32.009) 2,150 Airport fees ($810 + $34.009) 2,798 Aircraft depreciation ($10.009) 620 Office expenses ($230 + $1.009) 460 Total expense 14,748 Net operating income $ 1,552 8,756 1,984 2,918 620 292 14,570 $ 6,510 8,580 1,920 2,850 600 290 14,240 $ 6,160 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 60 Flights 62 62 16,300 Revenue $ S 21,080 $ 20.400 Expenses Wages and salaries Fuel 8,720 8,756 8,580 2,150 1,984 1.920 2,798 2,918 2,850 Airport fees Aircraft depreciation 620 620 600 Office expenses 460 292 290 Total expense 14,570 14 240 14,748 1,552 Net operating income $ $ 6,510 $ 6,160