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 53 53 51 Flights (9) $ 16,400 $ 19,080 $ 18,360 8,517 1,696 Revenue ($360.00) Expenses: Wages and salaries ($3,800 + $89.00) Fuel ($32.009) Airport fees ($830 + $33.009) Aircraft depreciation ($11.009) Office expenses ($240 + $1.009) Total expense Net operating income 8,479 8,339 1,862 1,632 2,459 2,579 2,513 583 583 561 461 293 291 13,844 13,668 13,336 $ 2,556 $ 5,412 $ 5,024 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 51 Flights 53 53 Revenue $ 16,400 $ 19,080 $ 18,360 Expenses: Wages and salaries Fuel 8,479 8,517 8,339 1,632 1,862 1,696 2,459 2,579 2,513 583 583 561 Airport fees Aircraft depreciation Office expenses Total expense Net operating income 461 293 291 13,844 13,668 13,336 5,024 $ 2,556 $ 5,412 $