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: 16 Flexible Budget 61 $ 21,350 Planning Budget 59 $ 20,650 Vulcan Flyovers Operating Data For the Month Ended July 31 Actual Results Flights (9) Revenue ($350.007) $ 16,500 Expenses : Wages and salaries ($3,100 + $88.007) 8,432 Fuel ($33.009) 2,177 Airport fees ($880 + $34.009) 2,844 Aircraft depreciation ($8.009) 488 office expenses ($240 + $1.009) 469 Total expense 14,410 Net operating income $ 2,090 8,468 2,013 2,954 488 301 14,224 $ 7,126 8,292 1,947 2,886 472 299 13,896 $ 6,754 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.) all amounts as positive values.) Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget Actual Results Planning Budget 59 61 61 Flights Revenue $ 16,500 $ 21,350 $ 20,650 Expenses Wages and salaries Fuel 8,468 8,292 8.432 2,177 2,013 1,947 2,844 2,954 2,886 Airport fees Aircraft depreciation 488 488 472 469 301 299 Office expenses Total expense 14,410 14,224 13.896 Net operating income $ 2,090 e 7.126 $ 6,754