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 61 $ 21,045 Planning Budget 59 $ 20,355 Vulcan Flyovers Operating Data For the Month Ended July 31 Actual Results Flights (9) 61 Revenue ($345.000) $ 16,200 Expenses: Wages and salaries ($3,800 + $91.009) 9,309 Fuel ($32.009) 2,118 Airport fees ($840 + $35.009) 2,865 Aircraft depreciation ($11.009) 671 Office expenses ($230 + $1.009) 459 Total expense 15,422 Net operating income $ 778 9,351 1,952 2,975 671 291 15, 240 $ 5,805 9,169 1,888 2,905 649 289 14,900 $ 5,455 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 59 61 61 Flights Revenue $ 16,200 $ 21,045 $ 20,355 Expenses Wages and salaries Fuel 9,351 9,169 9,309 2.118 1,952 1,888 Airport fees 2.865 2,975 2.905 Aircraft depreciation 671 671 649 Office expenses 459 291 289 Total expense 15,422 15,240 14,900 5,455 Net operating income $ 778 $ 5,805 $