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 59 Flights (q) 61 61 $16,100 $ 20,740 20,060 Revenue ($340.00q) Expenses: Wages and salaries ($3,200 + $91.00q) Fuel ($30.00q) Airport fees ($830$35.00q) Aircraft depreciation ($9.004) Office expenses ($210 $1.00q) 8,569 1,770 2,895 531 269 14,034 $1,553 6,374 6,026 8,709 2,000 2,850 549 439 14, 547 8,751 1,830 2,965 549 271 14,366 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 61 61 59 Revenue 16,100 20,740 20,060 Expenses Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses 8,709 2,000 2,850 549 439 14,547 1,553 8,751 1,830 2,965 549 271 14,366 6,374 8,569 1,770 2,895 531 269 14,034 6,026 Total expense Net operating income Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Results Activity Variances : Flexible Budget 61 61 16,100 00 Activity Variances Revenue and Spending Variances 8,709