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: Flexible Budget Planning Budget 53 $ 18, 285 55 $ 18,975 Vulcan Flyovers Operating Data For the Month Ended July 31 Actual Results Flights (9) 55 Revenue ($345.00g) $ 16,000 Expenses: Wages and salaries ($3,600 + $91.009) 8,563 Fuel ($32.009) 1,926 Airport fees ($860 + $34.00q) 2,595 Aircraft depreciation ($9.009) 495 Office expenses ($230 + $1.009) 453 Total expense 14,032 Net operating income $ 1,968 8,605 1,760 2,730 495 285 13,875 $ 5,100 8,423 1,696 2,662 477 283 13,541 $ 4,744 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 Flexible Budget Actual Results Planning Budget 53 Flights 55 55 Revenue $ 16,000 $ 18,975 A 18,285 Expenses: Wages and salaries 8,563 8,605 1,760 8,423 1,696 Fuel 1,926 2,595 2,730 2,662 Airport fees Aircraft depreciation 495 495 477 Office expenses 453 285 283 Total expense 13,541 14,032 1,968 13,875 5,100 Net operating income $ $ $ $ $ 4,744