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 (a) Revenue ($355.00) Expenses: Wages and salaries ($3,100 +$86.00q) Fuel ($32.004) Airport fees ($830 +$35.009) Aircraft depreciation ($9.00q) Office expenses ($210 +$1.00q) Total expense Net operating income Actual Results Flexible Budget Planning Budget 61 61 59 $ 16,400 $ 21,655 $ 20,945 8,314 8,346 8,174 2,118 1,952 1,888 2,840 2,965 2,895 549 549 531 439 271 14,260 14,083 269 13,757 $ 2,140 $ 7,572 $ 7,188 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.) 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 61 $ 16,400 Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget Planning Budget 61 59 S 21,655 $ 20,945 Expenses: Wages and salaries 8,314 Fuel 2,118 Airport fees 2.840 8,346 1,952 2,965 8,174 1,888 2,895 Aircraft depreciation 549 549 531 Office expenses 439 271 269 Total expense 14,260 14,083 13,757 Net operating income $ 2.140 $ 7,572 S 7.188