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 57 Flights (9) 57 55 $ 16,eee $ 20,235 $ 19,525 Revenue ($355.ee) Expenses: Wages and salaries ($3,300 + $89.609) Fuel ($34.009) Airport fees ($890 + $31.ee) Aircraft depreciation ($8.ee) Office expenses ($230 + $1.eeq) Total expense Net operating income 8,335 8,373 8,195 2,100 1,938 1,870 2,537 2,657 2,595 456 456 440 455 287 285 13,883 13,711 13,385 2,117 $ 6,524 $ 6,140 $ 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 (.e., zero varlance). Input all amounts as positive values.) Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget Actual Results Planning Budget Flights 57 Revenue $ 16,000 $ 20.235 $ 19,525 Expenses: Wages and salaries Fuel 8,335 2,100 2,537 456 455 13,883 2,117 8,373 1,938 2,657 456 Airport fees Aircraft depreciation Office expenses Total expense 8,195 1,870 2.595 440 285 13,385 6,140 287 13.711 Net operating income $ $ 6,524 | $