Vulcan Flyovers offers scenic overflights of Mount Saint Helens, the volcano in Washington State that explosively erupted in 1982 Da concerning the company's operations in July appear below Vulcan Flyovers Operating Data For the Month Ended July 31 Flights (9) Revenue ($350.00q) Expenses: Wages and salaries ($3,300+ $89.004) Fuel ($33.004) Airport fees ($880 +$33.00g) Aircraft depreciation ($10.00q) office expenses ($210 +$1.00q) Total expense Net operating income Actual Results Flexible Budget Planning Budget 55 55 53 $ 16,100 $ 19,250 $ 18,550 8,157 8,195 8,017 1,979 1,815 1,749 2,565 2,695 2,629 550 550 530 433 265 263 13,684 13,520 13,188 $ 2,416 $5,730 $5,362 The company measures its activity in terms of flights. Customers can buy individual tickets for overflights or hire an entire plane for and 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.)