Vulcan Flyovers offers scenic overflights of Mount Saint Helens, the volcano in Washington State that explosively erupted in 1982. Dat 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 ($3,400 +$85.00q) Fuel ($33.00g) Airport fees ($830 +$31.00g) Aircraft depreciation ($11.00q) office expenses ($230 +$1.00g) Total expense Net operating income Actual Results Flexible Budget Planning Budget 61 61 59 $ 16,300 $ 21,655 $ 20,945 8,555 8,585 8,415 2,177 2,013 1,947 2,591 2,721 2,659 671 671 649 459 291 289 14,453 14,281 13,959 $ 1,847 $ 7,374 $ 6,986 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 Flexible Actual Results Budget Flights Revenue 61 61 $ 16,300 $ 5,355 U $ 21,655 Expenses: Previ 1 of 4 Next > Planning Budget 59 $ 20,945