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 ($345.00g) Expenses: Wages and salaries ($3,500 +$91.00g) Fuel ($31.00g) Airport fees ($800 +$35.00g) Office expenses ($220 +$1.00g) Aircraft depreciation ($11.00g) Total expense Net operating incone Actual Results Flexible Budget Planning Budget 53 53 51 $ 16,200 $ 18,285 $ 17,595 8,281 8,323 8,141 1,011 1,643 1,581 2,550 2,655 2,585 583 583 561 4411 13,666 273 $ 2,534 13,477 $4,808 271 13,139 $ 4,456 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 (.e., zero variance). Input all amounts as positive values.