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 Plexible Planning Results Budget Budget 52 57 55 Flights (9) $ 16,400 $19.6655 18,975 Revenue ($345.000) Expenses Wages and salaries ($3,800 + $87.009) Tuel (534.009) Airport fees ($820 + $31.009) Aireraft depreciation ($9.009) office expenses ($220 + $1.000) Total expense Net operating income 8,725 8,759 8,585 2,100 1,938 1,870 2,472 2,587 2,525 513 513 495 445 272 14,255 14,074 13,750 $ 2,145 $ 5,591 $ 5,225 275 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 57 Actual Results Planning Budget 55 Flights 57 $ 16,400 $ 19,665 $ 18,975 Revenue Expenses: Wages and salanes Fuel Airport foes Aircraft depreciation Office expenses Total expense Net operating income 8,725 2,100 2472 8,759 1,938 2,587 513 8,585 1,870 2,525 495 513 445 14.255 2.145 277 14,074 5,591 275 13,750 5,225 $ $ $