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 (q) Revenue ($355.00g) Expenses: Wages and salaries ($3,800+ $85.00g) Fuel ($33.00g) Airport fees ($880 + $33.00g) Aircraft depreciation ($10.00g) Office expenses ($250 + $1.00g) Total expense Net operating income Actual Results Flexible Budget Planning Budget 59 $ 16,100 59 $ 20,945 57 $ 20,235 8,785 8,815 8,645 2,111 1,947 1,881 2,682 2,827 2,761 590 590 570 477 309 14,645 14,488 307 14,164 $ 1,455 $ 6,457 $ 6,071 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 Revenue and Spending Actual Results Variances 59 $ 16,100 Flexible Activity Variances Budget Planning Budget 59 57 $ 20,945 $ 20,235 Expenses: Wages and salaries 8,785 8,815 8,645 Fuel 2,111 1,947 1,881 Airport fees 2,682 2,827 2,761 Aircraft depreciation 590 590 570 Office expenses 477 309 307 Total expense 14,645 14,488 14,164 Net operating income $ 1,455 6,457 $ 6,071