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 ($360.00g) Expenses: Wages and salaries ($3,000+ $90.00g) Fuel ($33.00g) Airport fees ($890 +$31.00g) Aircraft depreciation ($11.00g) Office expenses ($240 +$1.00g) Total expense Net operating income Actual Results Flexible Budget Planning Budget 52 52 50 $ 16,100 $ 18,720 $ 18,000 7,640 7,680 7,500 1,880 1,716 1,650 2,362 2,502 2,440 572 572 550 460 12,914 292 12,762 290 12,430 $ 3,186 $ 5,958 $ 5,570 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.) Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flights Revenue Actual Results 52 $ 16,100 Flexible Planning Budget Budget 52 50 $ 18,720 $ 18,000 Expenses: Wages and salaries 7,640 7,680 7,500 Fuel 1,880 1,716 1,650 Airport fees 2,362 2,502 2,440 Aircraft depreciation 572 572 550 Office expenses 460 292 290 Total expense 12,914 12,762 12,430 Net operating income $ 3,186 $ 5,958 $ 5,570