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 3.1 Actual Flexible Planning Results Budget Budget 53 Flights (g) $ 16,300 $ 19,250 18,550 Revenue ($350.00g) Expenses: Wages and salaries ($3,600 + $90.00q) Fuel ($34.00q) Airport fees ($850 $33.00g) Aircraft depreciation ($10.00g) Office expenses ($230+ $1.00g) 8,370 1,802 2,599 530 283 14,070 13,920 13,584 $ 2,230 $ 5,330 4,966 8,510 2,032 2,525 550 453 8,550 1,870 2,665 550 285 Total expense Net operating income 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 Planning Budget Actual Results Flights 53 Revenue 16,300 19,250 18,550 Expenses Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses 8,510 2,032 2,525 550 453 14,070 2,230 8,550 1,870 2,665 550 285 13,920 5,330 8,370 1,802 2,599 530 283 13,584 4,966 Total expense Net operating income