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 ($355.00g) : Wages and salaries ($3,400 + $86.00g) Fuel ($34.00g) Airport fees (5830 +$32.00g) Aircraft depreciation ($10.00g) office expenses ($210 +$1.00g) Total expense Net operating income Actual Results Flexible Budget Planning Budget 53 $ 16,400 53 $18,815 51 $ 18,105 7,926 7,958 7,786 1,964 1,802 1,734 2,401 2,526 2,462 530 530 510 431 263 13,252 13,079 261 12,753 $ 3,148 $ 5,736 $ 5,352 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 Revenue Actual Results 53 $ 16,400 Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget Planning Budget 53 51 $ 18,815. $ 18,105 Expenses Wages and salaries 7,926 7,958 7,786 Fuel 1,964 1,802 1,734 Airport fees 2,401 2,526 2,462 Aircraft depreciation 530 530 510 Office expenses 431 263 261 Total expense 13,252 13,079 12,753 Net operating income $ 3,148 $ 5,736 $ 5.352