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 Planning Results Budget Budget Flights (q) 60 60 58 Revenue ($355.00q) $ 16,000 $ 21,300 $ 20,590 Expenses: Wages and salaries ($3,600 + $90.00q) 8.960 9.000 8,820 Fuel ($31.00q) 2.028 1.860 1.798 Airport fees ($810 + $33.00q) 2,660 2,790 2,724 Aircraft depreciation ($9.00q) 540 540 522 Office expenses ($230 + $1.00q) 458 290 288 Total expense 14,646 14,480 14,152 Net operating income $ 1.354 $ 5.320 $ 5.438 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 "PI for favorable, "U" for unfavorable, and "None'I for no effect (i.e., zero variance). Input all amounts as positive values.) Revenue Expenses: Wages and salaries Airport fees Aircraft depreciation Ofce expenses Total expense Net operating income