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 Actul Flexible Planning Results Budet Budget Flights (9) 52 52 50 Revenue ($345.004) $ 16,100 $ 17,940 $ 12,250 Expenses: Wages and salaries ($3,400 . $91.009) 0,090 8,132 7,950 Fuel (532.000) 1,830 1,664 1,600 Airport fees (5870 $31.004) 2,382 2,482 Aircraft depreciation ($10.000) 520 520 50 office expenses ($250 $1.004) 470 302 100 Total expense 13,292 13,100 12,770 Net operating income $ 2,084,840 4.450 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 (ie, zero variance). Input all amounts as positive values.)