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 Flexible Budget Planning Budget Flights (q) Revenue ($340.00q) Expenses: Wages and salaries ($3,100 + $88.00g) Fuel ($33.00g) Airport fees ($830 + $34.00g) Aircraft depreciation ($11.00g) Office expenses ($250 + $1.00g) Total expense Net operating income 56 $ 16,500 56 $ 19,040 54 $ 18,360 7,992 8,028 7,852 2,012 1,848 1,782 2,634 2,734 2,666 616 616 594 474 306 304 13,728 13,532 13,198 $ 2,772 $ 5,508 $ 5,162 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.) Flights Revenue Expenses: Actual Results 56 EA $ 16,500 Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Planning Budget Budget 56 54 $ 19,040 $ 18,360 Wages and salaries 7,992 Fuel 2,012 Airport fees 2,634 Aircraft depreciation 616 Office expenses 474 Total expense 13,728 Net operating income EA $ 2,772 $ EA 8,028 1,848 2,734 616 306 13,532 5,508 7,852 1,782 2,666 594 304 13,198 EA $ 5,162