Vulcan Flyovers offers scenic overflights of Mount Saint Helens, the volcano in Washington State that explosively erupted in 1982. Data concerning the companys operations in July appear below:

Vulcan Flyovers
Operating Data
For the Month Ended July 31
	Actual Results	Flexible Budget	Planning Budget
Flights (q)	56	56	54
Revenue ($345.00q)	$ 16,400	$ 19,320	$ 18,630
Expenses:
Wages and salaries ($3,500 + $85.00q)	8,230	8,260	8,090
Fuel ($34.00q)	2,066	1,904	1,836
Airport fees ($810 + $31.00q)	2,426	2,546	2,484
Aircraft depreciation ($9.00q)	504	504	486
Office expenses ($230 + $1.00q)	454	286	284
Total expense	13,680	13,500	13,180
Net operating income	$ 2,720	$ 5,820	$ 5,450

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.

Note: 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.