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: Vulcan Flyovers Operating Data For the Month Ended July 31 Actual Results Planning Budget Flights (q) Revenue ($350.009) Expenses: Wages and salaries ($3,700 + $91.00q) Fuel ($31.00q) Airport fees ($840 + $31.00q) Aircraft depreciation ($9.009) Office expenses ($250 +$1.00q) Total expense Net operating income Flexible Budget 55 55 53 $ 16,000 $ 19,250 $ 18,550 8,663 8,705 8,523 1,873 1,705 1,643 2,430 2,545 2,483 495 495 477 473 305 383 13,934 $ 2,066 13,755 13,429 $ 5,495 $ 5,121 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.) 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 Flights Flexible Actual Results Budget Planning Budget 55 55 53 $ 16,000 $ 3,250 U $ 19,250 $ 0 None $ 18,550 Revenue Expenses: Wages and salaries 8,663 42 U 8,705 8,523 Fuel 1,873 168 F 1,705 1,643 Airport fees 2,430 115 U 2,545 2,483 Aircraft depreciation 495 0 None 495 477 Office expenses 473 168 F 305 303 Total expense 13,934 0 None 13,755 13,429 Net operating income $ 2,066 $ 0 None $ 5,495 $ 5,121