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 Results 61 Flexible Planning Budget Budget 61 59 Flights (9) $ 16,200 $ 21,655 $ 20,945 Revenue ($355.009) Expenses: Wages and salaries ($3,800 + $92.009) Fuel ($34.009) Airport fees ($820 + $34.009) Aircraft depreciation ($10.009) Office expenses ($240 + $1.000) Total expense Net operating income 9,368 9,412 9,228 2,236 2,074 2,006 2,764 2,894 2,826 610 610 590 469 301 299 15,447 15, 291 14,949 753 $ 6,364 $ 5,996 $ 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.) Answer is not complete. Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget 61 Actual Results 61 Planning Budget 59 Flights Revenue S 16,200 S 5,455 U S 21,655 S 710 F S 20,945 9,228 >> 9,368 2,236 2,764 610 9,412 2,074 2,894 Expenses: Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses Total expense Net operating income 2,006 2,826 42 F 162 U 120 F None 168 U 168 U 5,623 U 182 U 68 U 66 U 20 u 2U OOOO 610 590 469 301 299 338 U 15,447 753 15,291 6,364 14,949 5,996 $ $ $ S 372 F S