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 ($360.009) Expenses: Wages and salaries ($3,700+ $89.009) Fuel ($30.009) Airport fees ($820 + $30.009) Aircraft depreciation ($9.009) Office expenses ($210 + $1.009) Total expense Net operating income Actual Results Flexible Budget Planning Budget 57 57 55 $ 16,100 $ 20,520 $ 19,800 8,735 8,773 8,595 1,880 1,710 1,650 2,425 2,530 2,470 513 513 495 435 13,988 267 265 13,793 13,475 $ 2,112 $ 6,727 $ 6,325 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 varlance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (l.e., zero varlance). Input all amounts as positive values.) Flights Actual Results 57 $ 16,100 Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget Planning Budget 57 55 $ 20,520 $ 19,800 Revenue Expenses: Wages and salaries 8,735 8,773 8,595 Fuel 1,880 1,710 1,650 Airport fees 2,425 2,530 2,470 Aircraft depreciation 513 513 495 Office expenses 435 267 265 Total expense 13,988 13,793 13,475 Net operating income $ 2,112 $ 6,727 $ 6,325