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) 52 52 50 $ 16,400 18, 200 17,500 Revenue ($350.00q) Expenses: Wages and salaries ($3,600 $90.00q) Fuel ($31.00q) Airport fees ($830 $34.00q) Aircraft depreciation ($11.00q) Office expenses ($220 $1.00q) Total expense 8,100 1,550 2,530 550 8,240 1,780 2,463 8,280 1,612 2,598 572 572 440 272 270 13,334 2,905 4,866 4,500 13,000 13,495 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 Flexible Planning Budget Actual Results Budget Flights 52 52 50 Revenue 16,400 18,200 17,500 Expenses: Wages and salaries 8,100 8,240 8,280 1,612 Fuel 1,780 1,550 Airport fees 2,598 2,463 2,530 Aircraft depreciation 572 572 550 Office expenses 440 272 270 Total expense 13,495 13,334 13,000 2,905 4,866 4,500 Net operating income