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) Expenses: Wages and salaries ($3,300 + $88.00g) Fuel ($33.00g) Airport fees ($840 + $31.00g) Aircraft depreciation ($9.00g) Office expenses ($220 + $1.00g) Total expense Net operating income Actual Results Flexible Budget Planning Budget 55 $ 16,200 55 $ 19,525 53 $ 18,815 8,104 8,140 7,964 1,979 1,815 1,749 2,420 2,545 2,483 495 495 477 443 13,441 275 13,270 273 12,946 $ 2,759 $ 6,255 $ 5,869 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 (i.e., zero variance). Input all amounts as positive values.