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 Flights (9) 52 52 50 Revenue ($350.000) $ 16,100 $ 18,200 $12,500 Expenses: Wages and salaries ($3,200 + $88.00) 7,740 7,776 7,600 Fuel ($32.009) 1,830 1,664 1,600 Airport fees ($870 + $34.000) 2,523 2,638 2,570 Aircraft depreciation (58.089) 416 416 400 Office expenses ($220 + $1.009) 440 272 270 Total expense 12,949 12,766 12,440 Net operating income $ 3,151 $ 5,434 $ 5,060 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 (l.e., zero variance). Input all amounts as positive values.) Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget 52 Actual Results Planning Budget 50 Flights 52 $ 16,100 $ 18,200 $ 17,500 7,740 7,600 7.776 1,664 Revenue Expenses Wages and salarios Fuel Airport fees Aircraft depreciation Office expenses Total expense Net operating income 1,830 2,523 416 2.638 416 1,600 2,570 400 270 12,440 440 12,949 3,151 272 12.766 5,434 $ $ $ 5,060