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 (9) Revenue ($350.009) Expenses: Wages and salaries ($3,500 + $88.009) Fuel ($33.009) Airport fees ($820 + $33.009) Aircraft depreciation ($11.009) Office expenses ($230 + $1.009) Total expense Net operating income Actual Results Flexible Budget Planning Budget 59 59 57 $ 16,100 $ 20,650 $ 19,950 8,656 8,692 8,516 2,111 1,947 1,881 2,667 2,767 2,701 649 649 627 457 289 287 14,540 14,344 14,012 $ 1,560 $ 6,306 $ 5,938 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 59 $ 16,100 Flexible Budget Planning Budget 59 57 $ 20,650 $ 19,950 Expenses: Wages and salaries 8,656 8,692 8,516 Fuel 2,111 1,947 1,881 Airport fees 2,667 2,767 2,701 Aircraft depreciation 649 649 627 Office expenses 457 289 287 Total expense 14,540 14,344 14,012 Net operating income $ 1,560 $ 6,306 $ 5,938