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 (q) Revenue ($355.000) Expenses Kages and salaries ($3,300 $87.00g) Fuel ($32.00q) Airport fees (5860 $32.00g) Aircraft depreciation ($11.00g) office expenses ($210 $1.00g) Total expense Net operating income Actual Flexible Results Budget Planning Budget 54 54 52 $16,400 $19,170 $ 18,460 7,964 7,990 7,024 1,894 1,728 1,664 2,453 2,588 2,524 594 594 572 432 264 262 13,337 13,172 12,846 $ 3,063 5,998 $ 5,614 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 54 $ 16,400 Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget Planning Budget 54 52 $ 19,170 $ 18.460 Revenue Expenses: Wages and salaries 7,964 Fuel 1,894 7,998 1,728 7,824 1,664 Airport fees 2,453 2,588 2,524 Aircraft depreciation 594 594 572 Office expenses 432 264 262. Total expense 13,337 13,172 12,846 Net operating income $ 3,063 $ 5,998 $ 5,614