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 Actual Results Flexible Budget Planning Budget Flights (q) Revenue ($345.009) Expenses: Wages and salaries ($3,700 + $89.009) Fuel ($30.009) Airport fees ($830 + $32.009) Aircraft depreciation ($10.009) Office expenses ($220 + $1.009) Total expense Net operating income 55 55 53 $ 16,500 $ 18,975 $ 18,285 8,557 8,595 8,417 1,820 1,650 1,590 2,475 2,590 2,526 550 550 530 443 13,845 275 13,660 273 13,336 $ 2,655 $ 5,315 $ 4,949 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 55 Revenue $ 16,500 Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget Planning Budget 55 53 $ 18,975 $ 18,285