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 Flexible Planning Results Budget Budget 56 56 54 Flights (9) $ 16,200 $ 19,600 $ 18,900 Revenue ($350.009) Expenses: Wages and salaries ($3,200 + $86.00) Fuel ($32.009) Airport fees ($820 + $33.00) Aircraft depreciation ($11.00) Office expenses ($220 + $1.000) Total expense Net operating income 7,984 8,016 7,844 1,958 1,792 1,728 2,528 2,668 2,602 616 616 594 444 276 274 13,530 13,368 13,042 $ 2,670 $ 6,232 $ 5,858 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 Flexible Budget Actual Results Planning Budget Flights 56 56 Revenue $ 16,200 | $ 19,600 | $ 18,900 Expenses: Wages and salaries Fuel Airport fees Aircraft depreciation 7,984 1,958 2,528 616 444 13,530 2,670 8,016 1,792 2,668 616 276 13,368 6,232 7,844 1,728 2,602 594 274 13,042 5,858 Office expenses Total expense Net operating income $ $ $