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 ($345.00g) Expenses: Wages and salaries ($3,600 + $86.00 g) Fuel ($31.00 g) Airport fees ($800+ $31.00g) Aircraft depreciation ($9.00g) Office expenses ($240 +$1.00g) Total expense Net operating income Actual Results Flexible Budget Planning Budget 57 57 $ 16, 300 $ 19, 665 55 $ 18,975 8, 470 8, 502 8, 330 1,935 1,767 1, 705 2, 467 2,567 2,505 513 513 495 465 297 295 13, 850 13, 646 13, 330 $ 2, 450 $ 6,019 $ 5,645 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.) Flights Actual Results 57 $ 16,300 Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget Planning Budget 57 55 $ 19,665 $ 18,975 Revenue Expenses: Wages and salaries 8,470 8,502 8,330 Fuel 1,935 1,767 1,705 Airport fees 2,467 2,567 2,505 Aircraft depreciation 513 513 495 Office expenses 465 297 295 Total expense 13,850 13,646 13,330