Vulcan Flyovers offers scenic overflights of Mount Saint Helens, the volcano in Washington State that explosively urupu concerning the company's operations in July appear below: Plexible Dudget 57 $ 20,235 Planning Budget 55 $ 19,525 Vulcan Flyover Operating Data For the Month Ended July 31 Actual Results Flights 57 Revenue (5355.000) $ 16,500 Expenses Wages and salaries ($3,400 + $86.000) 8,270 Fuel ($31.009) 1,935 Airport tees ($870 + $32:00) 2,554 Mircraft depreciation ($10.000) 570 Ottice expenses (5220 + $1.009) 445 Total expense 13,774 Net operating income $ 2,726 8,302 1,767 2,694 570 8.130 1.705 2.630 550 275 13,290 $ 6,235 271 1), 610 $ 6,625 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 (1.0, zero variance). Input all amounts as positive values.)