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 ($345.009) Expenses: Wages and salaries ($3,600 + $88.009) Fuel ($32.009) Airport fees ($860+ $35.009) Aircraft depreciation ($9.009) Office expenses ($250 + $1.009) Total expense Net operating income Actual Results Flexible Budget Planning Budget 58 58 56 $ 16,300 $ 20,010 $ 19,320 8,668 8,704 8,528 2,022 1,856 1,792 2,785 2,890 2,820 522 522 504 476 308 306 14,473 14,280 13,950 $ 1,827 $ 5,730 $ 5,370 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 Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Actual Results Revenue and Spending Variances 58 $ 16,300 Revenue Expenses: Wages and salaries 8,668 Fuel 2,022 Airport fees 2,785 Aircraft depreciation 522 Office expenses 476 Total expense 14,473 Net operating income $ 1,827 SA Flexible Activity Variances Planning Budget Budget 58 56 $ 20,010 $ 19,320 8,704 1,856 2,890 522 308 14,280 5,730 8,528 1,792 2,820 504 306 13.950 GA $ 5,370