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 Results 56 Flexible Planning Budget Budget 56 54 Flights (9) $ 16,100 $ 19,600 $ 18,900 Revenue ($350.000) Expenses : Wages and salaries ($3,000 + $91.009) Fuel ($33.00) Airport fees ($860 + $ 32.009) Aircraft depreciation ($9.00) Office expenses ($240 + $1.009) Total expense Net operating income 8,054 2,012 2,512 504 464 13,546 $ 2,554 8,096 7,914 1,848 1,782 2,652 2,588 504 486 296 294 13, 396 13,064 $ 6,204 $ 5,836 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 variance). Input all amounts as positive values.) Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget Actual Results Planning Budget 54 Flights 56 56 $ 16,100 $ 19,600 $ 18,900 8,054 8,096 7,914 1,848 1,782 Revenue Expenses: Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses Total expense Net operating income 2,012 2,512 2,652 2,588 504 504 486 464 296 294 13,546 2,554 13,396 6,204 13,064 5,836 $ $ $ $