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 Flights (g) 58 58 $16,100 $20,300 $19,600 evenue ($350.00g) Expenses: Wages and salaries ($3,400+$91.00q) Fuel ($32.00q) Airport fees ($840+$34.00g) Aircraft depreciation ($10.00g) Office expenses ($220 + 8,496 1,792 2,744 560 276 14,386 14,204 13,868 $ 1,714 $ 6,096 $ 5,732 8,678 2,022 1,856 2, 812 580 278 8,636 2,702 580 446 $1.00g) Total expense 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 Actual Results Revenue and Spending Variances Flexible Budget Planning Budget Activity Variances Flights 58 58 56 S 20,300 S 19,600 Revenue 16,100 Expenses Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses 8,636 2,022 2,702 580 446 14,386 1,714 8,678 1,856 2,812 580 278 14,204 6,096 8,496 1,792 2,744 560 276 13,868 5,732 Total expense Net operating income