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 11 Plighta (91 Revenue (5345.00g) : Airport fees ($800 Wages and salaries $3,500 $91.00) Fuel 1834.00) Aircraft depreciation ($10.00g) $31.00g) ortice expenses ($220 $1.00g) Total expense Bet operating income Actual 1 57 Flexible Planning Budget $16,000 57 $ 19,665 55 $ 18,975 8,645 B, 687 8,505 2,100 1,938 1,870 2,502 2,647 2,585 570 445 14,262 530 277 14,119 550 275 13,785 5 1,730 $ 5,546 $5,190 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 Rasulta 57 S 18,000 Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget Planning Budget 57 55 $ 19,865 S 18,975 Expenses: Wages and salaries 8,645 8,687 8,505 Fuel 2,100 1,938 1,870 Airport fas 2.502 2,647 2,585 Aircraft depreciation 670 570 550 Office expenses 445 277 275 Total expense 14.262 14.119 13,785 Net operating income S 1,738 $ 5,546 S 5,190