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 Results 55 Flexible Planning Budget Budget 55 53 Flights (9) $ 16,400 $ 19,800 $ 19,080 Revenue ($360.000) Expenses: Wages and salaries ($3,300 + $87.009) Fuel ($32.009) Airport fees ($890 + $30.009) Aircraft depreciation ($9.009) Office expenses ($220 + $1.009) Total expense Net operating income 8,051 8,085 7,911 1,926 1,760 1,696 2,430 2,540 2,480 495 495 477 443 275 273 13, 345 13, 155 12,837 $ 3,055 $ 6,645 $ 6,243 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 Planning Budget 53 Flights 55 55 $ 16,400 $ 19,800 $ 19,080 Revenue Expenses Wages and salaries Fuel 8.051 8,085 7,911 1,926 1,760 1,696 2,430 2,540 2,480 495 495 477 Airport fees Aircraft depreciation Office expenses Total expense Net operating income 443 275 273 13,345 3,055 13,155 6,645 12,837 6,243 $ $ $