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 FlyoversOperating DataFor the Month Ended July 31 Actual ResultsFlexible BudgetPlanning BudgetFlights (q)616159Revenue ($345.00q)$ 16,200$ 21,045$ 20,355Expenses: Wages and salaries ($3,400 + $85.00q)8,5558,5858,415Fuel ($32.00q)2,1181,9521,888Airport fees ($850 + $35.00q)2,8652,9852,915Aircraft depreciation ($10.00q)610610590Office expenses ($220 + $1.00q)449281279Total expense14,59714,41314,087Net operating income$ 1,603$ 6,632$ 6,268

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.

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