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 ResultsBudget Budget 56 Flights (q) 58 58 20,010 Revenue ($345.00q) Expenses: 16,200 19,320 Wages and salaries ($3,200 + $91.00q) Fuel ($33.004) Airport fees ($810 $33.00q) Aircraft depreciation ($9.00q) Office expenses ($240 $1.00q) 8,296 1,848 2,658 504 296 13,602 $ 2,109 $ 6,074 $ 5,718 8,436 2,078 2,589 522 466 14,091 8,478 1,914 2,724 522 298 13,936 Total expense 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 Planning Budget Actual Results Flights Revenue $16,200 $20,010 19,320 Expenses Wages and salaries 8,436 2,078 2,589 522 466 14,091 2,109 8,478 1.914 2,724 522 298 13,936 6,074 8,296 1848 2,658 504 296 13,602 Fuel Airport fees ircraft depreciation Office expenses Total expense Net operating income