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 ($355.00g) Expenses: Wages and salaries ($3,600 +$85.000) Fuel ($31.000) Airport fees ($830 $31.000) Aircraft depreciation ($9.000) office expenses ($250 $1.000) Total expense het operating income Actual Results Flexible Budget Planning Budget 61 61 59 $ 16,000 $ 21,655 $ 20,945 8,755 8,785 8,615 2,059 1,891 1,829 2,611 2,721 2,659 549 549 531 479 14,453 $1,547 311 14,257 $7,398 3091 13,943 $ 7,002 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. Actual Results Flights 61 Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Revenue and Spending Variances Flexible Activity Variances i Budget Planning Budget 01 50