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 ($355.009) Expenses: Wages and salaries ($3,700 + $88.009) Fuel ($31.009) Airport fees ($800+ $30.009) Aircraft depreciation ($10.009) Office expenses ($220 + $1.009) Total expense Net operating income Actual Results Flexible Budget Planning Budget 55 55 53 $ 16,500 $ 19,525 $ 18,815 8,504 8,540 8,364 1,873 1,705 1,643 2,340 2,450 2,390 550 550 530 443 275 13,710 13,520 273 13,200 $ 2,798 $ 6,005 $ 5,615 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. Note: Indicate the effect of each varlance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (l.e., zero varlance). Input all amounts as positive values. Flights Revenue Actual Results 55 $ 16,500 Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget Planning Budget 55 53 $ 19,525 $ 18,815 Expenses: Wages and salaries 8,504 8,540 8,364 Fuel 1,873 1,705 1,643 Airport fees 2,340 2,450 2,390 Aircraft depreciation 550 550 530 Office expenses 443 275 273 Total expense 13,710 13,520 13,200 Net operating income $ 2,790 $ 6,005 $ 5,615