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 55 Flexible Planning Budget Budget 55 53 Flights (a) $ 16,200 $ 16,70 $ 18,020 Revenue ($340.009) Expenses: Wages and salaries ($3,100 + $87.000) Fuel ($33.089) Airport fees (5830 - $35.000) Aircraft depreciation ($10.089) Office expenses ($218 + $1.004) Total expense tiet operating income 7,851 7,885 7,711 1,979 1,815 1,749 2,630 2,755 2,685 550 550 53e 433 265 263 13,443 13,270 12,938 $ 2,757 55,430 $5,082 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 55 55 Flights s 18,020 $ $ 18,700 16,200 Revenue Expenses Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses Total expense Net operating income 7,851 1.979 2,630 550 433 13,443 2,757 7,885 1,815 2.755 550 265 7.711 1.749 2,685 530 263 12938 5,082 13 270 5.430 $ $ $