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 48 $ 15,360 Planning Budget 50 $ 16,000 Vulcan Flyovers Operating Data For the Month Ended July 31 Actual Results Flights (9) 48 Revenue ($320.00) $ 13,650 Expenses : Wages and salaries ($4,000 + $82.009) 8, 430 Fuel ($23.00g) 1,260 Airport fees ($650 + $38.00g) 2,350 Aircraft depreciation ($7.00) 336 Office expenses ($190 + $2.009) 460 Total expense 12,836 Net operating income $ 814 8,100 1,150 2,550 7,936 1,104 2,474 336 286 12,136 $ 3,224 350 290 12,440 $ 3,560 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 48 Actual Results 48 Flights Planning Budget 50 $ 16,000 Revenue $ 13,650 $ 15,360 7,936 8,100 8,430 1,260 1,104 1,150 2,350 2,474 2,550 Expenses: Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses Total expense Net operating income 336 336 350 460 286 290 12,836 12,136 12,440 $ 814 $ 3,224 $ 3,560