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: Vulcan Flyovers Operating Data For the Month Ended July 31 Flights (9) Revenue ($350.009) Expenses: Wages and salaries ($3,400 + $87.689) Fuel ($33.009) Airport fees ($860 + $33.009) Aircraft depreciation ($10.009) office expenses ($210 + $1.009) Total expense Net operating income Actual Results Flexible Budget Planning Budget 57 57 55 $ 16,000 $ 19,950 $ 19,250 8,325 8,359 8,185 2,845 1,881 1,815 2,636 2,741 2,675 570 570 550 435 14,011 267 13,818 265 13,490 $ 1,989 $ 6,132 $ 5,760 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 (l.e., zero variance). Input all amounts as positive values.) Flights Revenue Actual Results 57 S 16,000 Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget Planning Budget 57 55 S 19,950 S 19,250 Expenses: Wages and salaries 8,325 Fuel 2,045 Airport fees 2,636 Aircraft depreciation 570 8,359 1,881 2,741 570 8,185 1,815 2,675 550 Office expenses 435 267 Total expense 14,011 13,818 265 13,490 Net operating income S 1,989 S 6,132 $ 5,760