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 Results Flights (9) 61 Revenue ($350.009) $ 16,400 Expenses: Wages and salaries ($3,600 + $87.009) 8,873 Fuel ($31.009) 2,059 Airport fees ($800 + $35.009) 2,810 Aircraft depreciation ($10.009) 610 Office expenses ($230 + $1.000) 459 Total expense 14,811 Net operating income $ 1,589 Flexible Budget 61 $ 21,350 Planning Budget 59 $ 20,650 8,907 1,891 2,935 610 291 8,733 1,829 2,865 590 289 14,396 $ 6,344 14,634 $ 6,716 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 his 5. 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.) Actual Results Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget 61 S 21350 61 Planning Budget 59 $ 20.650 $ 16,400 Flights Revenue Expenses Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses 8.873 8.907 2,059 8,733 810 1.829 610 2.865 459 1.891 2.935 610 291 14634 6,716 590 Total expense 14,811 Net operating income $ 1,589 289 14,306 6,344 $ $