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 ($345.00g) Expenses: Wages and salaries ($3,200 + $87.00g) Fuel ($31.00g) Airport fees ($850 + $33.00g) Aircraft depreciation ($8.00g) Office expenses ($230 + $1.00q) Total expense Net operating income Actual Results Flexible Budget Planning Budget 57 $ 16,200 57 $ 19,665 55 $ 18,975 8,125 8,159 7,985 1,935 1,767 1,705 2,596 2,731 2,665 456 455 456 440 287 13,567 13,400 285 13,080 $ 2,633 $ 6,265 $ 5,895 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 57 $ 16,200 Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget 57 Planning Budget 55 $ 18,975 Revenue $ 19,665 Expenses: Wages and salaries 8,125 8,159 7,985 Fuel 1,935 1,767 1,705 Airport fees 2,596 2,731 2,665 Aircraft depreciation 456 456 440 Office expenses 455 287 285 Total expense 13,567 13,400 13,080 Net operating income $ 2,633 $ 6,265 $ 5,895