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 Flexible Planning Budget Actual Results Budget Flights (q) 61 61 59 16,400 21,350 $ 20,650 Revenue ($350.00q) Expenses: Wages and salaries ($3,600 + $87.00q) Fuel ($30.00q) Airport fees ($870 + $33.00q) Aircraft depreciation ($10.00q) Office expenses ($210 $1.00q) Total expense 8,873 2,000 2,753 8,907 1,830 8,733 1,770 2,817 2,883 610 610 590 439 271 269 14,179 1,725 $ 6,849 $ 6,471 14,501 14,675 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 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 Planning Budget Flexible Actual Results Budget Flights 61 61 59 Revenue $ $ $ 20,650 16,400 21,350 Expenses: 8,873 8,733 Wages and salaries 8,907 Fuel 2,000 1,830 1,770 Airport fees 2,753 2,883 2,817 Aircraft depreciation 610 610 590 Office expenses 439 271 269 Total expense 14,675 14,501 14,179 Net operating income $ 1,725 $ $ 6,849 6,471