Vulcan Flyovers offers scenic overflights of Mount St. Helens, the volcano in Washington State that exploslvely 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 Resulta Budget Budget Flights (q) 52 52 50 $16,000 $18,720 $18, 000 Revenue $360.00g) Expenses Wages and salariea ($3,100 $90.00g) Fuel ($33.00g) Airport fees ($840 7,780 1,716 7,600 1,650 7,740 1,880 $32.00q) 2,389 2,504 2,440 Airoraft depreciation ($10.00g) office expenses ($210 + $1.00q) 520 520 500 430 262 260 Total expense 12,959 12,782 12,450 3,041 $5,938 5,550 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 flexble 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 Actual Results Planning Budget Flexible Budget 52 Flights 52 50 Revenue $ 16,000 S 18,720 S 18,000 Expenses: Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses Total expense Net operating income 7,740 7,780 7,600 1.650 1,880 2,389 1,716 2,504 2.440 520 520 500 430 262 260 12,959 12,782 12.450 S 5,550 3,041 5,938