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)	52	52	50
Revenue ($350.00q)	$ 16,100	$ 18,200	$ 17,500
Expenses:
Wages and salaries ($3,300 + $92.00q)	8,040	8,084	7,900
Fuel ($31.00q)	1,780	1,612	1,550
Airport fees ($850 + $31.00q)	2,352	2,462	2,400
Aircraft depreciation ($11.00q)	572	572	550
Office expenses ($240 + $1.00q)	460	292	290
Total expense	13,204	13,022	12,690
Net operating income	$ 2,896	$ 5,178	$ 4,810

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.

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.)