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 Actual Flexible Planning Results Budget Budget Flights (9) 62 62 60 Revenue ($355.000) $ 16,200 $ 22,010 $ 21,300 Expenses: Wages and salaries ($3,300 + $86.089) 8,600 8,632 8,460 Fuel ($34.000) 2,270 2, 108 2,040 Airport fees ($850 + $32.089) 2,694 2,834 2,770 Aircraft depreciation ($9.00) 558 558 Office expenses ($200 + $1.009) 430 262 260 Total expense 14,552 14,394 14,070 Net operating income $ 1,648 $ 7,616 $ 7,230 540 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 62 $ 22.010 Actual Results 62 16,200 Planning Budget 60 $ 21,300 $ Flights Revenue Expenses: Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses Total expense Net operating income 8,600 2.270 2.694 558 8.632 2. 108 2.834 558 8,460 2,040 2.770 540 430 262 260 14,552 1.648 14,394 7.616 14.070 7.230 $ $ $