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 cest Flights (q) Revenue ($345.000) Expenses: Wages and salaries ($3,200 +$92.00g) Fuel ($34.004) Airport fees ($880 $33.009) Aircraft depreciation ($9.000) Office expenses ($230 $1.00q) Total expense Net operating income Actual Results 59 Flexible Budget Planning Budget 59 $ 16,300 $ 20,355 57 $19,665 8,584 8,628 8,444 2,168 2,006 1,938 2,677 2,827 2,761 531 531 513 457 14,417 289 287 14,281 13,943 $ 1,883 $ 6,074 $ 5,722 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 (ie., zero variance). Input all amounts as positive values.) Flights Revenue Actual Results 59 16,300 Expenses Wages and salaries 8,584 Fusi 2.168 Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible: Budget Planning Budget 59 57 $ 20,355 $ 19,665 8.028 2,006 8,444 1,938