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 55 $ 18,975 Planning Budget 53 $ 18, 285 Vulcan Flyovers Operating Data For the Month Ended July 31 Actual Results Flights (9) 55 Revenue ($345.009) $ 16,300 Expenses: Wages and salaries ($3,400 + $89.009) 8,257 Fuel ($31.009) 1,873 Airport fees ($820 + $35.009) 2,600 Aircraft depreciation ($8.009) 440 office expenses ($240 + $1.009) 463 Total expense 13,633 Net operating income $ 2,667 8, 295 1,705 2,745 440 295 13,480 $ 5,495 8,117 1,643 2,675 424 293 13,152 $ 5,133 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 53 Flights 55 55 Revenue 16,300 $ 18,975 $ 18,285 Expenses: Wages and salaries 8,257 8,295 8,117 Fuel 1,873 1,705 1,643 Airport fees 2,600 2,745 2,675 Aircraft depreciation 440 440 424 Office expenses 463 295 293 Total expense 13,633 13,480 13,152 5,133 Net operating income $ 2,667 $ 5,495