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 (0) Revenue ($340.00g) Expenses: Wages and salaries ($1,300 $89.000) Fuel ($32.000) Aircraft depreciation ($9.000) Airport fees ($850 $35.00g) Office expenses ($220 +$1.00g) Total expense Net operating income Actual Flexible. Results Budget Planning Budget 55 $16,300 55 $18,700 $ 18,020 8,157 8,195 8,017 1,926 1,760 1,696 2,650 2,775 2,705 495 495 477 443 275 273 13,671 $2,629 13,500 13,168 $5,200 $ 4,852 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.) Flights Actual Results 55 $ 16,300 Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget Planning Budget 55 53 S 18,700. $ 18,020 Revenue Expenses Wages and salaries 8,157 Fuel 1,926 Airport fees 2,650 Aircraft depreciation 495 8,195 1,760 2,775 495 8,017 1,696 2,705 477 Office expenses 443 Total expense 13,671 275 13,500 273 13,168 Net operating income $ 2,629 S 5,200 $ 4,852