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)	60	60	58
Revenue ($355.00q)	$ 16,500	$ 21,300	$ 20,590
Expenses:
Wages and salaries ($3,700 + $90.00q)	9,060	9,100	8,920
Fuel ($34.00q)	2,202	2,040	1,972
Airport fees ($850 + $34.00q)	2,750	2,890	2,822
Aircraft depreciation ($10.00q)	600	600	580
Office expenses ($200 + $1.00q)	428	260	258
Total expense	15,040	14,890	14,552
Net operating income	$ 1,460	$ 6,410	$ 6,038

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.

Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31