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 (g) Revenue ($350.00g) Expenses: Wages and salaries ($3,000+ $85.00g) Fuel ($32.00g) Airport fees ($860+ $33.00g) Aircraft depreciation ($9.00g) Office expenses ($210 + $1.00g) Total expense Net operating income Actual Results Flexible Budget Planning Budget 52 52 50 $ 16,200 $ 18,200 $ 17,500 7,390 7,420 7,250 1,830 1,664 1,600 2,451 2,576 2,510 468 430 12,569 468 262 12,390 450 260 12,070 $ 3,631 $ 5,810 $ 5,430 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 Results 52 $ 16,200 Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget Planning Budget 52 50 $ 18,200 $ 17,500 Expenses: Wages and salaries 7,390 7,420 7,250 Fuel 1,830 1,664 1,600 Airport fees 2,451 2,576 2,510 Aircraft depreciation 468 468 450 Office expenses 430 262 260 Total expense 12,569 12,390 12,070 Net operating income $ 3,631 $ 5,810 $ 5,430