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 57 57 55 Flights (9) $ 16,300 $ 19,665 $ 18,975 1,990 Revenue ($345.009) Expenses: Wages and salaries ($3,500 + $91.009) Fuel ($32.009) Airport fees ($860 + $34.009) Aircraft depreciation ($10.009) Office expenses ($210 + $1.00) Total expense Net operating income 8,645 8,687 8,505 1,824 1,760 2,673 2,798 2,730 570 570 550 435 267 265 14,313 14, 146 13,810 $ 1,987 $ 5,519 $ 5,165 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.) Answer is not complete. Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget 57 Actual Results 57 Planning Budget 55 Flights Revenue IS 16,300 $ (4,990) [U $ 19,665 $ 690F $ $ 18,975 8,645 8,505 8,687 1,824 1,990 1,760 2,673 2,798 Expenses: Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses Total expense Net operating income 42F 164 X U 100F 0 None 168U 190 XU 5,180 X U 570 OOOOOOO 2,730 550 182U 66U 68U 16U 267 U 334 XU 356 F 570 435 267 265 14,313 14,146 13,810 $ 1,987 $ $ 5,519 $ $ 5,165