Vulcan Flyovers offers scenic overflights of Mount Saint Helens, the volcano in Washington State that explosively erupted in 1982. D- concerning the company's operations in July appear below: Flexible Budget 58 $ 20,300 Planning Budget 56 $ 19,600 Vulcan Flyovers Operating Data For the Month Ended July 31 Actual Results Flights (9) 58 Revenue ($350.009) $ 16,200 Expenses: Wages and salaries ($3,100 + $87.009) 8,112 Fuel ($32.009) 2,022 Airport fees ($820 + $33.009) 2,604 Aircraft depreciation ($9.009) 522 Office expenses ($220 + $1.009) 446 Total expense 13,706 Net operating income $ 2,494 8,146 1,856 2,734 522 278 13,536 $ 6,764 7,972 1,792 2,668 504 276 13,212 $ 6,388 + 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. a 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 Flexible Budget Actual Results Planning Budget 56 58 Flights Revenue 58 $ 16,200 $ 20,300 $ 19,600 Expenses Wages and salaries 8,112 8,146 Fuel 2,022 7,972 1,792 1,856 2,604 Airport fees Aircraft depreciation 2,734 2,668 522 522 504 Office expenses 446 278 276 Total expense 13,706 2,494 13,536 13,212 Net operating income $ 6,764 $ 6,388