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 ($345.00q) Expenses: Wages and salaries ($3,100 + $92.00g) Fuel ($32.00g) Airport fees ($870 + $35.00g) Aircraft depreciation ($10.00g) Office expenses ($220 + $1.00g) Total expense Net operating income Actual Results Flexible Budget Planning Budget 58 $ 16,100 58 $ 20,010 56 $ 19,320 8,392 8,436 8,252 2,022 1,856 1,792 2,780 2,900 2,830 580 446 580 560 14,220 278 14,050 276 13,710 $ 1,880 $ 5,960 $ 5,610 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 Actual Results 58 16,100 Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Planning Budget Budget 58 56 20,010 $ 19,320 Revenue Expenses: Wages and salaries 8,392 8,436 8,252 Fuel 2,022 1,856 1,792 Airport fees 2,780 2,900 2,830 Aircraft depreciation 580 580 560 Office expenses 446 278 276 Total expense 14,220 14,050 13,710 Net operating income 1,880 $ 5,960 $ 5,610