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 Flyovera Operating Data For the Month Ended July 31 Actual Plexible Planning Results Budget Budget Flights (9) 54 54 52 Revenue ($340.009) $ 16,300 $ 19,360 $ 17,680 Expenses: Wages and salaries ($3,100 + $91.009) 7,972 8,014 7,832 Fuel ($34.009) 1,998 1,836 1,768 Airport fees ($820 + $35.009) 2,610 2,710 2,640 Aircraft depreciation ($9.000) 486 486 468 office expenses ($250 + $1.009) 472 304 302 Total expense 13,538 13,350 13,010 Net operating income $ 2,762 $ 5,010 $ 4,670 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 Revenue and Spending Flexible Variances Budget 54 $ 18,360 Actual Results Activity Variances Flights Revenue 54 16,300 Planning Budget 52 $ 17.680 $ Expenses Wages and salaries Fuel 8,014 1.836 2,710 7.972 1,998 2,610 486 472 13,538 2,762 Airport foes Aircraft depreciation Office expenses Total expense Net operating income 486 7,832 1.768 2.640 468 302 13,010 4,670 304 13,350 5,010 $ s $