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 ($345.009) Expenses: Wages and salaries ($3,400 + $89.009) Fuel ($30.009) Airport fees ($810+ $34.009) Aircraft depreciation ($9.009) Office expenses ($210 +$1.009) Total expense Net operating income Actual Results Flexible Budget Planning Budget 56 56 54 $ 16,200 $ 19,320 $ 18,630 8,346 8,384 8,206 1,850 1,680 1,620 2,579 2,714 2,646 504 504 486 434 13,713 266 13,548 264 13,222 $ 2,487 $ 5,772 $ 5,408 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.) Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flights Revenue Actual Results 56 $ 16,200 Flexible Budget Planning Budget 56 54 $ 19,320 $ 18,630 Expenses: Wages and salaries 8,346 8,384 8,206 Fuel 1,850 1,680 1,620 Airport fees 2,579 2,714 2,646 Aircraft depreciation 504 504 486 Office expenses 434 266 264 Total expense 13,713 13,548 13,222 Net operating income $ 2,487 $ 5,772 $ 5,408