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 56 $ 19,600 Planning Budget 54 $ 18,900 Vulcan Flyovers Operating Data For the Month Ended July 31 Actual Results Flights (9) 56 Revenue ($350.009) $ 16, 100 Expenses : Wages and salaries ($3,600 + $85.009) 8,330 Fuel ($33.009) 2,012 Airport fees ($820 + $31.009) 2,446 Aircraft depreciation ($9.009) 504 Office expenses ($210 + $1.009) 434 Total expense 13,726 Net operating income $ 2,374 8,360 1,848 2,556 504 266 13,534 $ 6,066 8,190 1,782 2,494 486 264 13,216 $ 5,684 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 54 $ 18,900 56 Flights Revenue 56 $ 16,100 $ 19,600 Expenses Wages and salaries Fuel 8,360 1,848 Airport fees 2,556 8,330 2,012 2.446 504 434 13,726 2,374 504 Aircraft depreciation Office expenses Total expense Net operating income 8,190 1,782 2.494 486 264 13,216 5,684 266 13,534 $ $ 6,066 $