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 Actual Results Flexible Budget Planning Budget Flights (g) Revenue ($360.00g) Expenses: Wages and salaries ($3,600 + $88.00g) Fuel ($32.00g) Airport fees ($810+ $33.00g) Aircraft depreciation ($8.00g) Office expenses ($230 + $1.00g) Total expense Net operating income 54 54 52 $ 16,200 $ 19,440 $ 18,720 8,316 8,352 8,176 1,894 1,728 1,664 2,477 2,592 2,526 432 432 416 452 284 13,571 13,388 282 13,064 $ 2,629 $ 6,052 $ 5,656 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 Actual Results 54 $ 16,200 Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Planning Budget Budget 54 52 $ 19,440 $ 18,720 Revenue Expenses: Wages and salaries 8,316 8,352 8,176 Fuel 1,894 1,728 1,664 Airport fees 2,477 2,592 2,526 Aircraft depreciation 432 432 416 Office expenses 452 284 282 Total expense 13,571 13,388 13,064 Net operating income $ 2,629 $ 6,052 $ 5,656