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 Flexible Planning Budget Actual Results Budget Flights (q) 56 56 54 Revenue ($340.00g) 16,100 19,040 18,360 Expenses: Wages and salaries ($3,300$91.00q) Fuel ($30.00q) Airport fees (S800 $34.00g) Aircraft depreciation ($8.00q) Office expenses ($210$1.00q) Total expense 8,354 1,850 2,589 8,396 1,680 2,704 8,214 1,620 2,636 432 448 448 434 264 266 13,166 13,675 13,494 2,425 5,546 5,194 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 56 56 54 Revenue 16,100 19,040 18,360 Expenses: 8,354 Wages and salaries 8,396 8,214 1,680 Fuel 1,850 1,620 Airport fees 2,589 2,704 2,636 Aircraft depreciation 448 448 432 Office expenses 434 266 264 13,675 Total expense 13,494 13,166 5,546 5,194 2,425 Net operating income