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 ($360.009) Expenses: Wages and salaries ($3,600 + $86.00q) Fuel ($34.009) Airport fees ($870 +$35.00q) Aircraft depreciation ($8.00q) Office expenses ($220 + $1.00q) Total expense Net operating income Actual Results Flexible Budget Planning Budget 54 54 52 $ 16,200 $ 19,440 $ 18,720 8,212 8,244 8,072 1,998 1,836 1,768 2,620 2,760 2,690 432 432 416 442 274 272 13,704 13,546 13,218 $ 2,496 $ 5,894 $ 5,502 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.) Actual Results Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Planning Net operating income 13,540 13,218 $ 2,496 $ 5,894 $ 5,502 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 54 $ 16,200 Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget Planning Budget 54 52 $ 19,440 $ 18,720 Expenses: Wages and salaries 8,212 8,244 8,072 Fuel: 1,998 1,836 1,768 Airport fees 2,620 2,760 2,690 Aircraft depreciation 432 432 416 Office expenses 442 274 272 Total expense 13,704 13,546 13,218. Net operating income $ 2,496 $ 5,894 $ 5,502