Vulcan Flyovers offers scenic overflights of Mount St. Helens, the volcano in Washington State that explosively erupted in 1982. Data concerning the companys operations in July appear below:

Vulcan Flyovers offers scenic overflights of Mount St. 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 Actual Flexible Planning Results Budget Budget 50 Flights (g) 52 52 16,500 18,200 $17,500 Revenue ($350.00g) Expenses: Nages and salaries ($3,100+$86.00g) Fuel ($33.00q) Airport fees ($850$35.00g) Aireraft depreciation ($9.00g) Office expenses ($200 +$1.00g) 7,5407,572 7,400 1,880 1,716 1,650 2,560 2,670 2,600 450 250 12,350 3,632 5,522 5,150 468 420 12,868 468 252 12,678 Total expense Net operating income 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. Requirec 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.) Ican Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Revenue and Spending Planning Variances Actual Results Activity Variances Bud Flights 52 52 50 S 16,500 S 17,500 S 18,200 7,540 1.880 2,560 468 420 2,868 3,632 7,572 1,716 2,670 468 252 2,678 5,522 Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses 7.400 1,650 2,600 450 250 2.350 5.150 Total expense Net operating income