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 ($360.00q): Expenses: Wages and salaries ($3,700+ $86.00g) Fuel ($31.00g) Airport fees ($840 +$32.00g) Aircraft depreciation ($8.00g) Office expenses ($220 +$1.00g) Total expense Net operating income. Actual Results Flexible. Budget Planning Budget 53 53 51 $ 16,100 $ 19,080 $ 18,360 8,226 8,258 8,086 1,811 1,643 1,581 2,396 2,536 2,472 424 424 408 441 273 271 13,298 13,134 12,818. $ 2,802 $ 5,946 $ 5,542 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 Flights Rounnu 53 S 16.100 Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Planning Budget Budget 51 53 $ 19,080 $ 18,360 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 53 $ 16,100 Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget Planning Budget 53 51 $ 19,080 $ 18,360 Expenses: Wages and salaries 8,226 Fuel 1,811 Airport fees 2,396 Aircraft depreciation 424 8,258 1,643 2,536 424 8,086 1,581 2,472 408 Office expenses 441 273 271 Total expense 13,298 13,134 12,818 Net operating income $ 2,802 $ 5,946 $ 5,542