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 Flexibleplanning Results Budget Budget 61 61 Flights (9) 59 Revenue ($345.00) $16,200 $21,045 $20,355 Expenses: Wages and salaries ($3,100 + $90.00g) 8,550 8,5908, 410 Fuel ($34.00) 2,236 2,074 2,006 Airport fees ($830 + $30.000) 2,540 2,660 2,600 Aircraft depreciation ($11.00g) 671 671 649 Office expenses ($220 + $1.009) 449281 279 Total expense 14,446 14,276 13,944 Net operating income $ 1,754 $ 6,769 $ 6,411 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 Flexible Results Budget 61 Planning Budget Flights 61 59 $ 16,200 $ 21,045 $ 20,355 Revenue Expenses: Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses Total expense Net operating income 8,550 2,236 2,540 671 8,590 2,074 2,660 671 8,410 2,006 2,600 649 279 449 14,446 1,754 281 14,276 6,769 13,944 6,411 $ $