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: Vulcan Flyovers Operating Data For the Month Ended July 31 Flights (9) Revenue ($355.009) Expenses: Wages and salaries ($3,500 + $86.009) Fuel ($30.009) Airport fees ($870 + $34.009) Aircraft depreciation ($9.009) Office expenses ($200 + $1.009) Total expense Net operating income Actual Results Flexible Budget Planning Budget 52 52 50 $ 16,500 $ 18,460 $ 17,750 7,940 7,972 7,800 1,730 1,560 1,500 2,533 2,638 2,570 468 468 450 420 13,091 252 12,890 250 12,570 $ 3,409 $ 5,570 $ 5,180 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 Actual Results Flights 52 Revenue $ 16,500 Flexible Planning Budget Budget 52 50 $ 17,750 Expenses: Activity Variances Wages and salaries 7,940 Revenue and Spending Variances 7,800 Fuel 1,730 1,560 1,500 Airport fees 2,533 2,638 2,570 Aircraft depreciation 468 468 450 Office expenses 420 252 250 Total expense 13,091 12,890 12,570 Net operating income $ 3,409 $ 5,570 $ 5,180