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 55 55 53 Flights (9) $16,100 $18,975 $18,285 Revenue $345.009) Expenses: Wages and salaries ($3,800 + $87.009) Fuel ($34.009) Airport fees $820 + $35.009) Aircraft depreciation ($8.009) Office expenses $240 + $1.009) Total expense Net operating income 8,551 8,585 8,411 2,032 1,870 1,802 2,695 2,745 2,675 - 440 440 424 463 295 293 14,091 13,935 13,605 $ 2,009 $ 5,940 $ 4,680 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 55 Planning Budget 531 Flights 55 Revenue $ 16,100 | $ 18,975 $ 18,285 Expenses: Wages and salaries 8,551 8,411 1,802 Fuel 2,032 2,605 440 2,675 Airport fees Aircraft depreciation Office expenses Total expense Net operating income 8,585 1,870 2,745 440 295 13,935 5,040 463 4241 293 13,605 4,680 14,091 2,009 $ $ $