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 Flights (9) Revenue ($355.00g) Expenses: Wages and salaries ($3,200+ $85.00g) Fuel ($33.00q) Airport fees ($810+ $33.00q) Aircraft depreciation ($8.00q) Office expenses ($200 + $1.00q) Total expense Net operating income Flexible Actual Results 57 $16,000 Budget 57 $20,235 Planning Budget 55 $19,525 8,015 8,045 7,875 2,045 1,881 1,815 2,576 2,691 2,625 456 456 440 425 257 255 13,517 13,330 $ 2,483 $ 6,905 13,010 $6,515 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 Flights Revenue Actual Results 57 $ 16,000 Flexible Budget Performance Report For the Month Ended July 31 Revenue and Spending Variances Flexible Activity Variances Planning Budget Budget 57 55 $ 20,235 $ 19,525 Expenses: Wages and salaries 8,015 8,045 7,875 Fuel 2,045 1,881 1,815 Airport fees 2,576 2,691 2,625 Aircraft depreciation 456 456 440 Office expenses 425 257 255 Total expense 13,517 13,330 13,010 Net operating income $ 2,483 $ 6,905 S 6,515