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 57 $ 20,235 Planning Budget 55 $ 19,525 Vulcan Flyovers Operating Data For the Month Ended July 31 Actual Results Flights (9) 57 Revenue ($355.009) $ 16,200 Expenses: Wages and salaries ($3,600 + $88.909) 8,580 Fuel ($32.009) 1,990 Airport fees ($880 + $32.009) 2,579 Aircraft depreciation ($11.009) 627 Office expenses ($240 + $1.009) 465 Total expense 14,241 Net operating income $ 1,959 8,616 1,824 2,704 627 297 14,068 $ 6, 167 8,440 1,760 2,640 605 295 13,740 $ 5,785 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 Planning Budget 55 57 57 Flights Revenue $ 16,200 $ 20,235 $ 19,525 Expenses: Wages and salaries Fuel 8,580 8,616 8,440 1,990 1,824 1,760 2,579 2,704 2,640 627 627 Airport fees Aircraft depreciation Office expenses Total expense Net operating income 605 295 465 297 14,241 14,068 6,167 13,740 5,785 $ 1,959 $ $