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 FlexiblePlanning Results Budget Budget Flights (9) 57 57 55 $16,000 $20,520 $19,800 8, 225 2,045 8,259 1,881 8,085 1,815 Revenue ($360.009) Expenses: Wages and salaries ($3,300 + $87.00) Fuel ($33.009) Airport fees ($840 + $32.009) Aircraft depreciation ($10.009) Office expenses ($220 + $1.009) Total expense Net operating income 2,539 2,664 2,600 570 570 550 445 277 275 13,824 13,651 13,325 $ 2,176 $ 6,869 $ 6,475 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 Actual Flexible Results Budget 57 57 Planning Budget 55 Flights $ 16,000 $ 20,520 $ 19,800 8,225 8,259 8,085 Revenue Expenses: Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses Total expense Net operating income 2,045 2,539 1,881 2,664 1,815 2,600 570 570 550 445 13,824 2,176 277 13,651 275 13,325 $ $ 6,869 $ 6,475