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)	57	57	55
Revenue ($350.00q)	$ 16,100	$ 19,950	$ 19,250
Expenses:
Wages and salaries ($3,400 + $87.00q)	8,325	8,359	8,185
Fuel ($31.00q)	1,935	1,767	1,705
Airport fees ($870 + $32.00q)	2,594	2,694	2,630
Aircraft depreciation ($9.00q)	513	513	495
Office expenses ($210 + $1.00q)	435	267	265
Total expense	13,802	13,600	13,280
Net operating income	$ 2,298	$ 6,350	$ 5,970

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.)

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 Revenue and Spending Flexible Variances Budget Actual Results Activity Variances Planning Budget 55 57 57 Flights Revenue $ 16,100 $ 19,950 $ 19,250 8,325 1,935 8,359 1,767 Expenses: Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses Total expense Net operating income 8,185 1,705 2,630 495 2,594 513 2,694 513 267 265 435 13,802 2,298 8 13,600 6,350 13,280 5,970 $ $ $