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 Flyovers Operating Data For the Month Ended July 31 Actual Results Flexible Planning Budget Budget Flights (q) 60 60 58 Revenue ($345.00g) $ 16,100 $ 20,700 $ 20,010 Expenses: Wages and salaries ($3,700+ $89.00g) Fuel ($31.00q) 9,002 9,040 8,862 2,028 1,860 1,798 Airport fees ($880+ $33.000) 2,745 2,860 2,794 600 600 Aircraft depreciation ($10.000) Office expenses ($210+ $1.009). 580 270 268 Total expense. 438 14,813 14,630 14,302 Net operating income $ 1,287 $6,070 $ 5,708 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.) Flights Revenue Expenses: Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses Total expense Net operating income Actual Results 60 S 16,100 9,002 2,028 2,745 600 438 14,813 1,287 $ Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget $ 60 20,700 9.040 1,860 2,860 600 270 14,630 6,070 $ $ Planning Budget 58 20,010 8,862 1,798 2,794 580 268 14,302 5,708