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 (9) Revenue ($340.009) Expenses: Wages and salaries ($3,700 $86.000) Fuel ($31.000) Airport fees ($800 $32.009) Aircraft depreciation ($9.00) Office expenses ($230 +$1.000) Total expense Net operating income Actual Results Flexible Budget Planning Budget 53 53 51 $ 16,200 $ 18,020 $ 17,340 8,226 8,258 8,086 1,811 1,643 1,581 2,376 2,496 2,432 477 477 459 451 13,341 $ 2,859 283 13,157 $4,863 281 12,839 $ 4,501 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 (l.e., zero variance). Input all amounts as positive values. Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Revenue and Spending Actual Results Variances Flights Revenue 53 $ 16,200 Expenses Wages and salaries 8.226 Fuel A 1,811 23707 Flexible Activity Variances Budget Planning Budget 53 51 $ 18.020 $ 17.340 8,258 1,643 2406T 8,086 1,581 2432