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 575755 Flights (9) $ 16,200 $ 19,950 $ 19, 250 Revenue ($350.009) Expenses: Wages and salaries ($3,400 + $90.00) Fuel ($34.009) Airport fees ($860 + $30.000) Aircraft depreciation ($8.009) Office expenses ($220 + $1.009) Total expense Net operating income 8,490 8,5308 , 350 2,100 1,938 1,870 2,455 2,570 2,510 456 456 440 445 277 275 13, 946 13,771 13,445 $ 2,254 $ 6,179 $ 5,805 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 57 Planning Budget Flights 57 55 Revenue $ 16,200 $ $ 19,950 $ 19,250 Expenses: 8,350 Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses Total expense Net operating income 8,490 2,100 2,455 456 445 13,946 2,254 8,530 1,938 2,5701 456 277 13,771 6,179 1,870 2,510 440 275 13,445 5,805 $ $ | $