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. Flights (0) Vulcan Flyovers Operating Data For the Month Ended July 31 Actual Results Flexible Budget Planning Budget 54 $ 18,360 Revenue ($340.00g) Wages and salaries (53,300 +$89.00g) ruel ($30.00g) Aircraft depreciation ($9.00g) Airport feen (5820 $34.00g) office expenses ($210 $1.00g) Total expense Net operating income 56 $ 16,400 56 $ 19,040 8,246 8,284 1,850 1,680 0,106 1,620 2,584 2,724 2,656 504 434 13,618 $2,782 504 266 13,458 $5,582 486 264 13,132 $ 5,228 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 56 Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Planning Budget Budget 56 54