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 (4) Revenue ($345.00q) Expenses: Wages and salaries ($3,100 + $88.00q) Fuel ($32.009) Airport fees ($870 +$30.00q) Aircraft depreciation ($11.004) office expenses ($210 +$1.00q) Total expense Net operating income Actual Results Flexible. Budget Planning Budget 57 57 55 $ 16,100 $ 19,665 $ 18,975 8,080 8,116 7,940 1,990 1,824 1,760 2,435 2,580 2,520 627 627 605 435 267 265 13,567 13,414 13,090 $ 2,533 $ 6,251 $ 5,885 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 varlance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (l.e., zero varlance). Input all amounts as positive values.) Flights Revenue Actual Results 57 S 16,100 Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget Planning Budget 57 55 S 19,665 S 18,975 Expenses: Wages and salaries 8,080 8,116 7,940 Fuel 1,990 1,824 1,760 Airport fees 2,435 2,580 2,520 Aircraft depreciation 627 627 605 Office expenses 435 267 265 Total expense 13,567 13,414 13,090 Net operating income S 2,533 S 6,251 $ 5,885