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: Flexible Budget 59 $ 20,650 Planning Budget 57 $ 19,950 Vulcan Flyovers Operating Data For the Month Ended July 31 Actual Results Flights (9) 59 Revenue ($350.000) $ 16,500 Expenses: Wages and salaries ($3,100 + $91.00) 8,427 Fuel ($31.00q) 1,997 Airport fees ($850 + $33.009) 2,682 Aircraft depreciation ($9.009) 531 office expenses ($240 + $1.009) 467 Total expense 14,104 Net operating income $ 2,396 8,469 1,829 2,797 531 299 13, 925 $ 6,725 8,287 1,767 2,731 513 297 13,595 $ 6,355 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.)