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 (9) 56 56 54 Revenue ($340.00g) $ 16, 200 $ 19, 040 $ 18, 360 Expenses: Wages and salaries ($3, 700 + $88.00g) 8, 592 8, 628 B, 452 Fuel ($33.00q) 2, 012 1, 848 1, 782 Airport fees ($820 + $31.00g) 2,416 2,556 2, 494 Aircraft depreciation ($10.00g) 560 560 540 office expenses ($200 + $1.00g) 424 256 254 Total expense 14,004 13, 848 13, 522 Net operating income $ 2,196 $ 5, 192 $ 4,838 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 Revenue and Spending Flexible Planning Variances Budget Activity Variances Budget Flights 56 56 54 Revenue $ 16,200 19,040 S 18,360 Expenses: Wages and salaries 8,592 8,628 B,452 Fuel 2,012 1,848 1,782 Airport fees 2,416 2,556 2,494 Aircraft depreciation 560 560 540 Office expenses 424 256 254 Total expense 14,004 13,848 13,522 Net operating income $ 2,196 S 5,192 S 4,838