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)	56	56	54
Revenue ($355.00q)	$ 16,200	$ 19,880	$ 19,170
Expenses:
Wages and salaries ($3,800 + $87.00q)	8,638	8,672	8,498
Fuel ($32.00q)	1,958	1,792	1,728
Airport fees ($800 + $31.00q)	2,386	2,536	2,474
Aircraft depreciation ($9.00q)	504	504	486
Office expenses ($200 + $1.00q)	424	256	254
Total expense	13,910	13,760	13,440
Net operating income	$ 2,290	$ 6,120	$ 5,730

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.