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 (9) Revenue ($355.00q) Expenses: Wages and salaries ($3,100 +$85.009) Fuel ($31.000) Airport fees ($870 + $34.009) Aircraft depreciation ($8.000) Office expenses ($240 $1.000) Total expense Net operating income Actual Results: Flexible Budget Planning Budget 62 62 60 $16,000 $ 22,010 $ 21,300) 8,340 8,370 8,200 2,090 1,922 1,860 2,873 2,978 2,910 496 496 480 470 14,269 302 300 14,068 13,750 $ 1,731 $ 7,942 $ 7,550 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 62 $ 16,000 Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget Planning Budget 62 60 $ 22,010 $ 21,300 Expenses Wages and salanes 8,340 Fuel 2,090 8,370 1,022 8,200 1,860 Airport fees 2,873 2,978 2,910 Aircraft depreciation 496 496 480 Office expenses 470 302 300 Total expense 14,269 14,068 13,750 Net operating income $ 1,731 $ 7,942 S 7,550