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 (q) Revenue ($355.00q) Expenses: Wages and salaries ($3,700+ $87.00g) Fuel ($31.009) Airport fees ($880 + $35.009) Aircraft depreciation ($10.00q) Office expenses ($220 + $1.009) Total expense Net operating income Actual Results Flexible Budget Planning Budget 57 57 55 $ 16,300 $ 20,235 $19,525 8,625 8,659 8,485 1,935 1,767 1,705 2,750 2,875 2,805 570 570 550 445 277 275 14,325 14,148 13,820 $ 1,975 $ 6,087 $ 5,705 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 Actual Results 57 S 18,300 Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget Planning Budget 57 55 $ 20,235 S 19,525 Expenses: Wages and salaries 8,625 Fuel 1,935 8,659 1,767 8,485 1,705 Airport fees 2,750 2,875 2,805 Aircraft depreciation 570 570 550 Office expenses 445 277 275 Total expense 14,325 14,148 13,820 Net operating income S 1,975 $ 6,087 S 5,705