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 ces Flights (q) Revenue ($345.00g) Expenses: Wages and salaries ($3,100 + $87.00g) Fuel ($34.00q) Airport fees (5880 +$34.00g) Aircraft depreciation ($9.00g) office expenses ($200 $1.00g) Total expense Net operating income. Actual Results Flexible Budget Planning Budget 62 62 60 $ 16,300 $ 21,390 $ 20,700 8,460 8,494 8,320 2,270 2,108 2,040 2,883 2,988 2,920. 558 558 540 430 262 260 14,601 $1,699 14,410 14,080 $ 6,980 $ 6,620 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.