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 ($360.00q)	$ 16,000	$ 20,160	$ 19,440
Expenses:
Wages and salaries ($3,400 + $88.00q)	8,292	8,328	8,152
Fuel ($33.00q)	2,012	1,848	1,782
Airport fees ($850 + $34.00q)	2,654	2,754	2,686
Aircraft depreciation ($11.00q)	616	616	594
Office expenses ($220 + $1.00q)	444	276	274
Total expense	14,018	13,822	13,488
Net operating income	$ 1,982	$ 6,338	$ 5,952

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.