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: 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" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values. \begin{tabular}{|c|c|c|c|c|c|} \hline \multicolumn{6}{|c|}{ Vulcan Flyovers } \\ \hline \multicolumn{6}{|c|}{ Flexible Budget Performance Report } \\ \hline \multicolumn{6}{|c|}{ For the Month Ended July 31} \\ \hline & Actual Result & & \begin{tabular}{c} Flexible \\ Budget \end{tabular} & & \begin{tabular}{l} ning \\ lget \end{tabular} \\ \hline Flights & 5 & & 52 & & 50 \\ \hline Revenue & 16,20 & & 17,940 & $ & 17,250 \\ \hline \multicolumn{6}{|l|}{ Expenses: } \\ \hline Wages and salaries & 7,79 & & 7,820 & & 7,650 \\ \hline Fuel & 1,83 & & 1,664 & & 1,600 \\ \hline Airport fees & 2,48 & & 2,618 & & 2,550 \\ \hline Aircraft depreciation & 57 & & 572 & & 550 \\ \hline Office expenses & 45 & & 282 & & 280 \\ \hline Total expense & 13,12 & & 12,956 & & 12,630 \\ \hline Net operating income & 3,07 & & 4,984 & $ & 4,620 \\ \hline \end{tabular}