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 (9) 57 57 55 Revenue ($355.00g) $ 16,200 $ 20,235 $ 19,525 Expenses : Wages and salaries ($3,200 + $89.009) 8, 235 8, 273 8,095 Fuel ($33.00) 2,045 1,881 1,815 Airport fees ($850 + $35.00) 2,700 2,845 2,775 Aircraft depreciation ($9.00q) 513 513 495 Office expenses ($220 + $1.009) 445 277 275 Total expense 13, 938 13,789 13, 455 Net operating income $ 2,262 $ 6,446 $ 6,070 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 57 Actual Results Planning Budget 55 Flights 57 Revenue $ 16,200 $ 20,235 $ 19,525 Expenses: Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses Total expense Net operating income 8,235 2,045 2,700 513 8,273 1,881 2,845 513 8,095 1,815 2,775 495 445 277 275 13,938 2,262 13,789 6,446 13,455 6,070 $ $ $