Vulcan Flyovers offers scenic overflights of Mount St. Helens, the volcano in Washington State that explosively erupted in 1982. Data conceming the company's operations in July appear below: Vulcan Flyovers Operating Data For the Month Ended July 31 Actual FlexiblePlanning Results Budget Budget 57 Flights (q) 59 59 Revenue ($355.00g) Expenses: $16,500 $20,945 $20,235 Wages and salaries ($3,400 $88.00q) 8,556 8,592 8,416 2,111 1,947 1,881 2,549 2,689 2,627 570 287 14, 263 14,107 13,781 $2,237 6,838 6,454 Fuel ($33.00q) Airport fees ($860$31.00q) Aircraft depreciation ($10.00q) Office expenses ($230$1.00q) 590 289 590 457 Total expense Net operating income The company measures its activity in terms of fights. Customers can buy individual tickets for overflights or hire an entire plane for an overflight at a discount. Requlrec 1. Prepare a flexible budget performance report for July that includes revenue and spending variances and activity variances. (Indicate the effect of each varlance by selecting "F for favorable, "U" for unfevorable, and "None for no effect (l.e., zero verlence). Input all amounts as positlve values.) Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Actual Results Flights 50 50 57 16,500 20.945 20,235 Wages and salaries Fue Airport fees Aircraft depreciation Office expenses 8,556 8,592 1.947 2,689 590 289 14.107 6,838 8,416 1.881 2627 2,549 590 Total expense 14,263 13.781 2,237 6.454 Net operating income