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 59 $ 20,945 Planning Budget 57 $ 20,235 Vulcan Flyovers Operating Data For the Month Ended July 31 Actual Results Flights (9) 59 Revenue ($355.009) $ 16,400 Expenses: Wages and salaries ($3,200 + $91.009) 8,527 Fuel ($33.009) 2,111 Airport fees ($840 + $31.009) 2,524 Aircraft depreciation ($9.009) 531 Office expenses ($200 + $1.009) 427 Total expense 14,120 Net operating income $ 2,280 8,569 1,947 2,669 531 259 13,975 $ 6,970 8,387 1,881 2,607 513 257 13,645 $ 6,590 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 59 Planning Budget 57 $ 20.235 59 $ 16,400 $ 20,945 Flights Revenue Expenses: Wages and salaries Fuel Airport fees Aircraft depreciation 8,569 8,387 8,527 2,111 2,524 1,947 2.669 1,881 2,607 531 531 513 Office expenses 427 259 Total expense 13,975 14,120 2,280 257 13,645 6,590 Net operating income $ $ 6,970 $