Vulcan Flyovers offers scenic overflights of Mount Saint Helens, the volcano in Washington State that explosively erupted in 1982. Da concerning the company's operations in July appear below: Flexible Budget 56 $ 19,320 Planning Budget 54 $ 18,630 Vulcan Flyovers Operating Data For the Month Ended July 31 Actual Results Flights (9) 56 Revenue ($345.009) $ 16,380 Expenses: Wages and salaries (53,200 + $89.009) 3,146 Fuel (533.000) 2,012 Airport fees (5810 + $32.099) 2,467 Aircraft depreciation (511.089) 616 Office expenses (5230 + $1.009) 454 Total expense 13.695 Net operating income $ 2,605 8,184 1,848 2,602 616 286 13,536 55,784 8,006 1,782 2,538 594 284 13,204 55,426 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 (ie, zero variance). Input all amounts as positive values.) Vulcan Flyovers Flexible Budget Performance Report For the Month Ended: July 31 Flexiblo Budget 56 $ 19.320 Actual Results Flights Revenue 56 16.300 Planning Budget 54 5 18.630 $ Expenses Wages and salaries Fuel Alrport fees Aircraft depreciation Office expenses Total expense Net operating income 8,146 2012 2.467 616 454 13 695 2.605 8.184 1,848 2602 616 286 13,536 5,784 8,006 1.782 2.538 594 284 13 204 5.425 $ 5 $