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) 58 58 56 $ 16,400 $ 20,010 $19,320 Revenue ($345.00q) Expenses Wages and salaries ($3,000 $89.00q) Fuel $33.00g) Airport fees ($860 $31.00g) Aircraft depreciation ($10.00q) office expenses ($210 $1.00q) Total expense 8,124 8,162 7,984 1,848 2,596 2,078 1,914 2,658 2,523 268 266 13,741 13,582 13,254 $2,659 $ 6,428 $ 6,066 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 58 58 56 S 20,010 $ Revenue 16,400 19,320 Expenses: 8,124 8,162 Wages and salaries 7,984 Fuel 2,078 1,914 1,848 Airport fees 2,523 2,596 2,658 Aircraft depreciation 580 580 560 Office expenses 436 268 266 Total expense 13,741 13,582 13,254 Net operating income 2,659 6,428 6,066