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 Budet Budget 59 Flights (g) 61 61 16,400 21,655 20,945 Revenue ($355.00g) Expenses: Nages and salaries ($3,200+ $91.00g) Fuel ($34.00g) Airport fees ($B20 $34.00g Aircraft depreciation $8.00g) Office expenses ($200 +$1.00g) 8,569 2,236 2,074 2,006 2,754 2,894 2,826 472 259 14,132 $1,784$7,187 6,813 8,709 B,751 488 429 14,616 488 261 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. Requirec 1. Prepare a flexible budget performance report for July that includes revenue and spending variances and activity varances. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (l.e., zero variance). Input all amounts as positive values.) Ican Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget Planning Bud Actual Results Flights 61 Revenue S 16,400 S 21.655 S 20,945 Expenses: 8,709 Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses 8,751 2,074 2,894 8,569 2,006 2,826 472 2,754 Total expense 14.616 14.468 14.132 Net operating income 1,784 7.187 6,813