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) 53 53 51 $16,200 $19.000 $18,360 Revenue ($360.000) Expenses: Wages and salaries ($3,300 + $88.009) Tuel ($31.009) Airport fees (5830 + $34.009) Aircraft depreciation ($11.004) Office expenses ($230 + $1.009) Total expense Net operating income 7,928 7,964 7.788 1,811 1,643 1,581 2,517 2,632 2,564 583 583 561 451 283 281 13,290 13,105 12,275 $ 2,910 S 5,975 $ 5,585 The company measures its activity in terms of flights. Customers can buy individual tickets for overnights 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 51 Flights 53 53 $ 16,200 $ 19,080 $ 18,360 Revenue Expenses: Wages and salaries Fuel 7,964 7.788 1,581 1,643 7,928 1,811 2,517 583 451 2,632 2,564 Airport fees Aircraft depreciation Office expenses Total expense Net operating income 561 281 583 283 13,105 5,975 13,290 2,910 12,775 5,585 $ $