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 ($3,400 + $88.009) Fuel ($31.009) Airport fees ($860 + $30.009) Aircraft depreciation ($10.009) Office expenses ($200 + $1.009) Total expense Net operating income Actual Results Flexible Budget Planning Budget 54 54 52 $ 16,300 $ 18,900 $ 18,200 8,116 8,152 7,976 1,842 1,674 1,612 2,375 2,480 2,420 540 540 520 422 254 252 13,295 13,100 12,780 $ 3,005 $ 5,800 $ 5,420 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 Actual Results 54 $ 16,300 Revenue Expenses: Wages and salaries 8,116 Fuel 1,842 Airport fees 2,375 Aircraft depreciation 540 Office expenses 422 Total expense 13,295 Net operating income EA Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget Planning Budget 54 52 $ 18,900 $ 18,200 8,152 7,976 1,674 1,612 2,480 2,420 540 520 254 252 13,100 12,780 $ 3,005 $ 5,800 $ 5,420