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 (g) Revenue ($340.00g) Expenses: Wages and salaries ($3,400 + $90.00g) Fuel ($31.00g) Airport fees ($830 +$31.00g) Aircraft depreciation ($9.00g) Office expenses ($230 +$1.00g) Total expense Net operating income Actual Results Flexible Budget Planning Budget 55 55 53 $ 16,200 $18,700 $ 18,020 8,310 8,350 8,170 1,873 1,705 1,643 2,395 2,535 2,473 495 495 477 453 285 283 13,526 13,370 13,046 $ 2,674 $ 5,330 $ 4,974 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 Actual Results 55 $ 16,200 Flexible Budget Planning Budget 55 53 $ 18,700 $ 18,020 Expenses: Wages and salaries 8,310 8,350 8,170 Fuel F 1,873 1,705 1,643 Airport fees 2,395 2,535 None 2,473 Aircraft depreciation 495 495 U 477 Office expenses 453 285 283 Total expense 13,526 13,370 13,046 Net operating income $ 2,674 $ 5,330 $ 4,974