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 61 61 59 Flights (9) $ 16,300 $ 21,655 $ 20,945 Revenue ($355.00g) Expenses : Wages and salaries ($3,500 + $89.00) Fuel ($34.009) Airport fees ($880 + $34.009) Aircraft depreciation ($10.00g) Office expenses ($220 + $1.00g) Total expense Net operating income 8,891 8,929 2,236 2,074 2,849 2,954 610 610 449281 15,035 14,848 $ 1,265 $ 6,807 8,751 2,006 2,886 590 279 14,512 $ 6,433 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 61 Actual Results Planning Budget Flights 59 $ 16,300 $ 21,655 $ 20,945 Revenue Expenses: Wages and salaries Fuel 8,751 2,006 8,929 2,074 2,954 610 2,886 8,891 2,236 2,849 610 449 15,035 1,265 Airport fees Aircraft depreciation Office expenses Total expense Net operating income 281 590 279 14,512 6,433 14,848 6,807 $ | $