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 (g) Expenses: Revenue ($350.00g) Wages and salaries ($3,400 +$87.00g) Fuel ($33.00g) Airport fees ($870 +$33.00g). Aircraft depreciation ($10.00g) office expenses ($250 $1.00g) Total expense Net operating income Actual Results Flexible Planning Budget Budget 53 51 $16,400 $ 10,550 $ 17,050 7,977 8,011 7,837 1,913 1,749 1,683 2,509 2,619 2,553 530 471 13,400 530 510 303 13,212 301 12,884 $ 3,000 $ 5,338 $ 4,966 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 (.e., zero variance). Input all amounts as positive values.) Actual Results Flights Revenue 53 $ 16,400 Expenses: Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31. Revenue and Spending Variances Flexible Budget Activity Variances Planning Budget 53 51 $ 18,550) $ 17,850