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: Flexible Budget 56 $ 20,160 Planning Budget 54 $ 19,440 Vulcan Flyovers Operating Data For the Month Ended July 31 Actual Results Flights (9) 56 Revenue ($360.00q) $ 16,200 Expenses: Wages and salaries ($3,500 + $86.00m) 8,284 Fuel ($33.009) 2,012 Airport fees ($810 + $30.00q) 2,355 Aircraft depreciation ($11.009) 616 Office expenses ($210 + $1.009) 434 Total expense 13,701 Net operating income $ 2,499 8,316 1,848 2,490 616 266 13,536 $ 6,624 8,144 1,782 2,430 594 264 13,214 $ 6,226 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 Actual Results Planning Budget 54 Flights 56 56 Revenue $ 16,200 20,160 $ 19,440 Expenses: Wages and salaries 8,284 8,316 8,144 Fuel 2,012 1,848 1,782 2,355 2,490 2,430 Airport fees Aircraft depreciation 616 616 594 Office expenses 434 266 264 Total expense 13,701 13,536 13,214 Net operating income $ 2,499 $ 6,624 $ FA 6,226