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 57 $ 20,520 Planning Budget 55 $ 19,800 Vulcan Flyovers Operating Data For the Month Ended July 31 Actual Results Flights (9) 57 Revenue ($360.000) $ 16,100 Expenses: Wages and salaries ($3,600 + $90.009) 8,690 Fuel ($33.009) 2,045 Airport fees ($870 + $30.00q) 2,480 Aircraft depreciation ($10.009) 570 Office expenses ($210 + $1.009) 435 Total expense 14,220 Net operating income $ 1,880 8,730 1,881 2,580 570 267 14,028 $ 6,492 8,550 1,815 2,520 550 265 13,700 $ 6,100 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 55 Flights 57 57 Revenue 16,100 $ 20,520 $ 19,800 Expenses: Wages and salaries 8,690 8,730 8,550 Fuel 2,045 1,881 1,815 Airport fees 2,480 2,580 2,520 Aircraft depreciation 570 570 550 Office expenses 435 267 265 Total expense 14,220 14,028 13,700 6,100 Net operating income $ 1,880 $ 6,492 $