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 Results Flexible. Budget Planning Budget Flights (q) Revenue ($355.00g) Expensest Wages and salaries ($3,000 +$89.00g) Fuel ($32.00g) Airport fees ($870 $32.00g) Aircraft depreciation ($9.00g) Office expenses ($240 +$1.00g) Total expense Net operating income 61 $ 16,200 61 $ 21,655 59 $ 20,945 8,391 8,429 8,251 2,118 1,952 1,888 2,717 2,022 2,758 549 549 531 469 301 299 14,244 14,053 13,727 $ 1,956 $ 7,602 $ 7,218 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 Actual Results Flights 61 Revenue $ 16,200 Flexible Budget Planning Budget 61 59 $ 21,655 $ 20,945 Expenses: Wages and salaries 8,391 Fuel: 2,118 8,429 1,952 8,251 1,888 Airport fees) 2,717 2,822 2,758 Aircraft depreciation 549 549 531 Office expenses 469 301 299 Total expense 14,244 14,053 13,727 Net operating income $ 1,956 $ 7,602 $ 7,218