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 (a) Revenue ($360.004) Expenses: Hages and salaries (53,300 587.00) Fuel ($31.00g) Airport fees ($840-$34.000) Aircraft depreciation ($9.00g) orrice expenses ($200 $1.000) Total expense Net operating income Actual Results Budget Flexible Planning Budget 62 62 60 $ 16,400 $22,320 $ 21,600 8,660 8,694 8,520 2,090 1,922 1,860 2,823 2,948 2,880 558 558 540 430 262 260 14,561 14,384 14,060 $ 1,839 $7,936 $7,540 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.) Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31