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 60 $ 21,300 Planning Budget 58 $ 20,590 Vulcan Flyovers Operating Data For the Month Ended July 31 Actual Results Flights (9) 60 Revenue $355.00) $ 16,200 Expenses: Wages and salaries ($3,300 + $92.00) 8,776 Fuel ($33.00) 2,144 Airport fees $800 + $34.00) 2,720 Aircraft depreciation ($9.000) 540 Office expenses ($240 + $1.00) 468 Total expense 14,648 Net operating income $ 1,552 8,820 1,980 2,840 540 300 14,480 $ 6,820 8,636 1,914 2,772 522 298 14, 142 $ 6,448 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 60 $ 21,300 Actual Results Planning Budget 58 60 Flights Revenue $ 16,200 $ 20,590 Expenses: Wages and salaries 8,776 8,820 8,636