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 Results Flexible Planning Budget Budget 55 53 Flights (9) 55 $ 16,300 $ 19,525 $ 18,815 Revenue ($355.009) Expenses: Wages and salaries ($3,600 + $85.009) Fuel ($31.009) Airport fees ($850 + $34.009) Aircraft depreciation ($8.00q) office expenses ($210 + $1.009) Total expense 8, 245 8,275 8,105 1,873 1,705 1,643 2,610 2,720 2,652 440 440 424 433 265 263 13,601 13, 405 13,087 $ 2,699 $ 6,120 $ 5,728 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. 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 53 Flights 55 55 Revenue $ 16,300 19,525 $ 18,815 Expenses: Wages and salaries 8,245 8,275 8,105 Fuel 1,873 1,705 1,643 Airport fees 2,610 2,720 2,652 Aircraft depreciation 440 440 424 Office expenses 433 265 263 Total expense 13,601 13,087 13,405 6,120 Net operating income $ 2,699 $ 5,728