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 48 48 50 Flights (9) Revenue ($320.000) Expenses: Wages and salaries ($4,000 + $82.809) Fuel (523.089) Airport fees ($650 - $38.009) Aircraft depreciation ($7.809) Office expenses (5190 - $2.009) Total expense Net operating income $13,650 $ 15,360 $ 16,000 8, 430 7,936 8,100 1,260 1,104 1,150 2,358 2,474 2,550 336 336 350 460 286 290 12,836 12, 136 12,440 5 814 5 3,224 5 3,560 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 (.e., zero variance). Input all amounts as positive values.)