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 ($345.009) Expenses: Wages and salaries ($3,100 + $88.009) Fuel ($34.009) Airport fees ($860 + $30.009) Aircraft depreciation ($10.009) Office expenses ($240 + $1.009) Total expense Net operating income Actual Results Flexible Budget Planning Budget 58 58 56 $ 16,000 $ 20,010 $ 19,320 8,168 8,204 8,028 2,134 1,972 1,904 2,495 2,600 2,540 580 580 560 466 13,843 298 13,654 296 13,328 $ 2,157 $ 6,356 $ 5,992 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 $ 16,000 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 8,168 8,204 8,028 Fuel 2,134 1,972 1,904 Airport fees 2,495 2,600 2,540 Aircraft depreciation 580 580 560 Office expenses 466 298 296 Total expense 13,843 13,654 13,328 Net operating income $ 2,157 $ 6,356 $ 5,992