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 ($3,100 + $90.00g) Fuel ($32.00g) Airport fees ($810 +$35.00g) Aircraft depreciation ($11.00g) Office expenses ($240 + $1.00g) Total expense Net operating income Actual Results Flexible Budget Planning Budget 59 $ 16,500 59 $ 20,650 57 $ 19,950 8,370 8,410 8,230 2,054 1,888 1,824 2,775 2,875 2,805 649 649 627 467 14,315 299 14,121 297 13,783 $ 2,185 $ 6,529 $ 6,167 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 59 $ 16,500 Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget Planning Budget 59 57 $ 20,650 $ 19,950 Revenue Expenses: Wages and salaries 8,370 8,410 8,230 Fuel 2,054 1,888 1,824 Airport fees 2,775 2,875 2,805 Aircraft depreciation 649 649 627 Office expenses 467 299 297 Total expense 14,315 14,121 13,783 Net operating income 2,185 6,529 6,167