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 ($350.009) Expenses: Wages and salaries ($3,600 + $88.009) Fuel ($30.009) Airport fees ($870 + $32.009) Office expenses ($250 + $1.009) Aircraft depreciation ($9.009) Total expense Net operating income Actual Results Flexible Budget Planning Budget 61 61 59 $ 16,400 $ 21,350 $ 20,650 8,932 8,968 8,792 2,000 1,830 1,770 2,707 2,822 2,758 549 549 531 479 14,667 311 309 14,480 14,160 $ 1,733 $ 6,870 $ 6,490 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 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 Flights Actual Results Revenue and Spending Variances 61 $ 16,400 Flexible Activity Variances Budget Planning Budget 61 59 $ 21,350 $ 20,650 Revenue Expenses: Wages and salaries 8,932 Fuel 2,000 Airport fees 2,707 Aircraft depreciation 549 8,968 1,830 2,822 549 8,792 1,770 2,758 49 531 Office expenses 479 311 309 Total expense 14,667 14,480 14,160 Net operating income $ 1,733 $ 6,870 $ 6,490