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 Actual Flexible Results Budget Planning Budget Flights (q) 54 54 52 Revenue ($350.00q) $ 16,200 $ 18,900 $ 18,200 Expenses: Wages and salaries ($3,500 +$88.00q) 8,216 8,262 8,076 Fuel ($33.009) 1,946 1,782 1,716 Airport fees ($890 + $33.00q) 2,572 2,672 2,606 Aircraft depreciation ($9.009) 486 486 468 Office expenses ($210 + $1.00q) 432 264 262 Total expense 13,652 23,456 13,128 Net operating income $ 2,548 55,444 $ 5,072 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.) (Ctrl)