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 (e) Revenue ($355.00g) Expenses Wages and salaries ($3,300 $88.000) Fuel ($30.00g) Airport fees (5840 +$33.00) Aircraft depreciation ($10.000) office expenses ($240 $1.000) Total expense Net operating income Actual Results Flexible Budget Planning Budget 53 53 $ 16,300 $10,815 51 $10,105 7,928 7,964 7,785 1,760 1,590 1,530 2,454 7,589 2,523 530 530 510 461 293 291 13,133 $3,167 12,966 12,642 $ 5,849 $5,403 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.)