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 Operatinat Data For the Month Ended July 31 Actual Flexible Planning Results Budget Buditet Flights (0) 58 58 56 Revenue ($340.000) $ 16,100 $ 19.720 5 19.040 Expenses Wages and salaries ($3,600 - $90.000) 3,730 3,828 8,640 Fuel (533.000) 2,078 1,914 1,848 Airport fees ($850 - $30.00) 2,480 2,590 2,530 Aircraft depreciation ($9.000) 522 522 504 Office expenses (5220 + $1.000) 446 278 276 Total expense 14,306 14,124 13,798 Net operating income $ 1,994 $ 5,596 $5,242 The company measures its activity in terms of fights. 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 (1.e., zero variance). Input all amounts as positive values.) Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget Actual Results Planning Budget 56 Flights 58 58 $ 16,300 S 19,720 S 19,040 8,640 2,078 Revenue Expenses: Wages and salanes Fuel Airport foes Aircraft depreciation Office expenses Total expense Net operating income 8,820 1,914 2.590 522 1,848 2,530 2,480 522 504 446 278 14,124 14,306 1,994 276 13,798 5,242 s 5,596 $