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 59 $ 20,060 Planning Budget 57 $ 19,380 Vulcan Flyovers Operating Data For the Month Ended July 31 Actual Results Flights (9) 59 Revenue ($340.00q) $ 16,200 Expenses: Wages and salaries ($3,000 + $86.009) 8,042 Fuel ($30.009) 1,940 Airport fees ($860 + $33.009) 2,672 Aircraft depreciation ($11.009) 649 Office expenses ($240 + $1.009) 467 Total expense 13,770 Net operating income $ 2,430 8,074 1,770 2,807 649 299 13,599 $ 6,461 7,902 1,710 2,741 627 297 13,277 $ 6,103 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 Flights 59 59 57 Revenue $ 16,200 $ 20,060 $ 19,380 Expenses: Wages and salaries 8,042 8,074 7,902 Fuel 1,940 1,770 1,710 Airport fees 2,672 2,807 2,741 Aircraft depreciation 649 649 627 Office expenses 467 299 297 Total expense 13,770 13,599 13,277 Net operating income $ 2,430 $ 6,461 $ 6,103