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 ($350.009) Expenses: Wages and salaries ($3,200 + $89.009) Fuel ($34.009) Airport fees ($860 + $34.009) Aircraft depreciation ($10.009) Office expenses ($210 + $1.009) Total expense Net operating income Actual Results Flexible Budget Planning Budget 60 60 58 $ 16,000 $ 21,000 $ 20,300 8,502 8,540 8,362 2,202 2,040 1,972 2,780 2,900 2,832 600 600 580 438 14,522 270 14,350 268 14,014 $ 1,478 $ 6,650 $ 6,286 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. Note: 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.