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 bata For the Month Ended July 31 Flights (q) Revenue ($360.00g) Expenses: Wages and salarien ($3,500 +$91.00g) Fuel ($32.00g) Airport fees ($830 +$31.00g) Aircraft depreciation (59.00g) office expenses ($240 +$1.00g) Total expense Actual Flexible Results Budget Planning Budget 52 52 50 $16,100 $18,720 $18,000 8,190 8,232 8,050 1,830 1,664 1,600 2,302 2,442 2,380 468 468 450 460 292 290 13,250 13,098 12,770 $ 2,850 $ 5,622 $5,230 ces Net operating income 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.) Actual Results Flights 52 Revenue $ 16,100 Expenses Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget 52 $ 18,720 Planning Budget 50 $ 18,000