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 (9) Revenue ($320.009) Expenses: Wages and salaries ($4,000+ $82.009) Fuel ($23.009) Airport fees ($650 + $38.009) Office expenses ($190 + $2.009) Aircraft depreciation ($7.009) Total expense Net operating income Actual Results Flexible Budget Planning Budget 48 48 50 $ 13,650 $ 15,360 $ 16,000 8,430 7,936 8,100 1,260 1,104 1,150 2,350 2,474 2,550 336 460 336 350 286 290 12,836 12,136 12,440 $ 814 $ 3,224 $ 3,560 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.) Flights Actual Results 48 $ 13,650 Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget Planning Budget 48 50 $ 15,360 $ 16,000 Revenue Expenses: Wages and salaries 8,430 Fuel 1,260 Airport fees 2,350 7,936 1,104 2,474 8,100 1,150 2,550 Aircraft depreciation 336 336 350 Office av ACO 200