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 Flights (4) 57 57 16, 3ee 28,235 19,525 Revenue ($355.88q) Expenses Wages and salaries ($3,88 $91.88q) Fuel ($31.884) Airport fees ($858$33.88q) Aircraft depreciation ($8.88q) Office expenses ($21 $1.88q) 8,885 1,785 2,665 448 265 13,888 2,733 6,827 6,445 8,145 1,935 2,596 456 8,187 1,767 2,731 456 267 13,488 Total expense 13,567 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 varlances and activity varlances. (Indicate the effect of each varlance by selecting "F" for fevorable, "U" for unfavorable, and "None" for no effect (l.e., zero varlance). Input all amounts as posltive values.) Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget Planning Budget Actual Results Flights 57 57 Revenue 16,300 20,235 19,525 Expense: Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses 8,145 1,935 2,596 456 435 13,567 2,733 8,187 1,767 2,731 456 267 13,408 6,827 8,005 1,705 2,665 440 265 13,080 6,445 Total expense Net operating income