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 6159 Flights (9) $ 16,400 $ 21,655 $ 20,945 Revenue ($355.009) Expenses: Wages and salaries ($3,300 + $91.009) Fuel ($34.009) Airport fees ($870 + $34.009) Aircraft depreciation ($9.009) Office expenses ($230 + $1.009) Total expense Net operating income 8,809 2,236 2,794 549 459 14,847 1,553 $ 8,851 2,074 2,944 549 291 14,709 6,946 8,669 2,006 2,876 531 289 14,371 6,574 $ $ 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 Budget Actual Results Planning Budget Flights 59 $ 16,400 $ 21,655 $ 20,945 Revenue Expenses: Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses Total expense Net operating income 8,809 2,236 2,794 549 459 14,847 1,553 8,851 2,074 2,944 549 291 14,709 6,946 8,669 2,006 2,876 531 289 14,371 6,574 $