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 ($350.00q) Expenses: Wages and salaries ($3,500 $87.00q) Fuel ($33.00q) Airport fees ($820 +$35.00q) Aircraft depreciation ($11.00q) office expenses ($220 $1.00q) Total expense Net operating income Actual Results Flexible Planning Budget Budget 53 53 51 $ 16,400 $ 18,550 $ 17,850 8,077 8,111 7,937 1,913 1,749 1,683 2,545 2,675 2,605 583 583 561 441 273 271 13,559 13,391 13,057 $ 2,841 $ 5,159 $ 4,793 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. Nota: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (ie.,