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 ($345.00g) ns: Wages and salaries ($3,500+ $87.00g) Fuel ($32.00g) Airport fees (5820 +$31.00g). Aircraft depreciation ($10.00g) office expenses ($210 +$1.00g) Total expense Net operating income 54 54 52 $ 16,400 $ 18,630 $ 17,940 8,164 8,198 8,024 1,894 1,728 1,664 2,359 2,494 2,432 540 540 520 432 13,389 264 13,224 262 12,902 $ 3,011 $ 5,406 $ 5,038 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. Note: Indicate the effect of each variance by selecting "F" for favorable, "U" fol 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 54 Flexible Budget Planning Budget 54 52 Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Flights Revenue Actual Results 54 $ 16,400 Budget Planning Budget 54 52 $ 18,630 $ 17,940 Expenses: + Wages and salaries 8,164 8,198 8,024 Fuel 1,894 1,728 1,664 Airport fees 2,359 2.494 2,432 Aircraft depreciation 540 540 520 Office expenses 432 264 262 Total expense 13,389 13,224 12,902 Net operating income $ 3,011 $ 5,406 $ 5,038