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 ($355.00q) $ 16,400 $ 18,460 $ 17,750 Expenses: Wages and salaries ($3,500 + $92.00q) 8,240 8,284 8,100 Fuel ($33.00q) 1,880 1,716 1,650 Airport fees ($840 + $34.00q) 2,478 2,608 2,540 Aircraft depreciation ($8.00q) 416 416 400 Office expenses ($230 + $1.00q) 450 282 280 Total expense 13,464 13,306 12,970 Net operating income $ 2,936 $ 5,154 $ 4,780 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