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: Rectangular Snip Flexible Budget 58 $ 20,880 Planning Budget 56 $ 20,160 Vulcan Flyovers Operating Data For the Month Ended July 31 Actual Results Flights (9) 58 Revenue ($360.009) $ 16,000 Expenses: Wages and salaries ($3,500 + $92.009) 8,792 Fuel ($34.009) 2,134 Airport fees ($870 + $35.009) 2,760 Aircraft depreciation ($8.009) 464 Office expenses ($250 + $1.009) 476 Total expense 14,626 Net operating income $ 1,374 8,652 1,904 2,830 8,836 1,972 2,900 464 308 14,480 $ 6,400 448 306 14,140 $ 6,020 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.) Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget 58 $ 20.880 Actual Results Planning Budget 56 58 $ 16,000 $ 20,160 Flights Revenue Expenses Wages and salaries 8.792 8.836 1.972 8,652 1,904 Fuel 2,134 2,760 2.900 2,830 464 464 448 Airport fees Aircraft depreciation Office expenses Total expense Net operating income 476 308 14,480 6,400 306 14,140 14,626 $ 1,374 $ $ 6,020