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 ($360.000) Expenses: Wages and salaries ($3,700 +$90.000) Fuel ($33.000) Airport fees ($870 + $30.009) Aircraft depreciation ($59.000) Office expenses ($230 +$1.000) Total expense Net operating income Actual Results Flexible Budget Planning Budget 60 60 58 $ 16,200 $ 21,600 $ 20,880 9,060 9,100 8,920 2,144 1,980 1,914) 2,565 2,670 2,610 540 540 522 4581 14,767 290 288 14,580 14,254 $ 1,433 $ 7,020 $ 6,626 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.) Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flights Revenue Actual Results | 60 $ 16,200 Expenses: Wages and salaries 9,060 Fuel 2,144 Airport fees 2,565 Aircraft depreciation 540 Flexible Budget Planning Budget 60 58 $ 21,600 $ 20,880 9,100 1,980 2,670 540 8,920 1,914 2,610 522 Office expenses 458 290 288 Total expense 14,767 14,580 14,254 Net operating income $ 1,433 $ 7,020 $ 6,626