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) 48 48 50 $ 13,650 $ 15,360 $ 16,000 Revenue ($320.089) Expenses: Wages and salaries ($4,600 + $82.009) Fuel ($23.00) Airport fees ($650 + $38.089) Aircraft depreciation ($7.00) Office expenses ($190 + $2.089) Total expense Net operating income 8,430 7,936 8,100 1,260 1,104 1,150 2,350 2,474 2,550 336 336 350 460 286 298 12,836 12, 136 12,440 $ 814 $ 3,224 $ 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 (le., zero variance). Input all amounts as positive values.) Vulcan Flyover Flexible Budget Performance Report For the Month Ended July 31 Revenue and Spending Flexible Variances Budget 48 Activity Variances Actual Results 48 Planning Budget 50 Flights $ $ $ 13,650 15,360 16,000 8.430 8,100 1,150 Revenue Expenses: Wages and salaries Fuol Airport foes Aircraft depreciation Office expenses Total expense Net operating incomo 7,936 1,104 2,474 336 2.550 350 1,260 2,350 336 460 12,836 814 290 286 12,136 3,224 12,440 3,560 $ $ $