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 Results 56 Flexible Planning Budget Budget 56 54 Flights (9) $ 16,300 $ 19,880 $ 19,170 Revenue ($355.00q) Expenses: Wages and salaries ($3,700 + $88.009) Fuel ($32.009) Airport fees ($810 + $33.00q) Aircraft depreciation ($9.009) Office expenses ($200 + $1.009) Total expense 8,592 8,628 8,452 1,958 1,792 1,728 2,528 2,658 2,592 504 504 486 424 256 14,006 13,838 13,512 $ 2,294 $ 6,042 $ 5,658 254 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 Revenue and Spending Flexible Variances Budget Actual Results Activity Variances Planning Budget 54 Flights 56 56 Revenue $ 16,300 $ 19,880 $ 19,170 Expenses: Wages and salaries 8,592 8,628 8,452 Fuel 1,958 1,792 1,728 Airport fees 2,528 2,658 2,592 Aircraft depreciation 504 504 486 Office expenses 424 256 254 Total expense 14,006 13,512 13,838 6,042 Net operating income $ 2,294 $ $ 5,658