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 (a) 54 54 52 Revenue ($360.00) $16,000 $ 19,440 $18,720 Expenses: wages and salaries ($3,100 $86.000) 7,712 7,744 7,572 Fuel ($33.00q) 1,946 1,782 1,716 Airport fees (5880 +$30.000) 2,360 2,500 2,440 Aircraft depreciation ($9.009) 486 436 office expenses ($230 +$1.000) 4521 284 Total expense 12,956 12,796 468 282 12,478 Net operating income $ 3,044 $ 5,644 $ 6,242 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 verlance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (l.e., zero variance). Input all amounts as positive values.) Flights Revenue Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Actual Results Revenue and Spending Variances 54 S 16,000 Flexible Activity Variances Budget Planning Budget 54 52 S... 19,440 S 18,720 Expenses Wages and salaries 7,712 7,744 7.572 Fuel 1,946 1,782 1,716 Airport fees 2.360 2,500 2,440 Aircraft depreciation 486 486 468 Office expenses 452 2841 282 Total expense 12,956 12,796 12,478 Net operating income S 3,044 S 6,644 $ 6,242