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 52 Budget 52 Budget 50 Flights (q) Revenue ($360.00q) Expenses: Wages and salaries ($3,100 +$92.00g) Fuel ($30.00g) Airport fees ($860 +$31.00g) Aircraft depreciation ($9.00g) office expenses ($220 +$1.00g) Total expense Net operating income $16,200 $18,720 $18,000 7,840 7,884 1,730 1,560 1,500 7,700 2,372 2,472 2,410 468 468 450 440 272 270 12,656 12,330 3,350 $ 6,064 $5,670 12,850 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.) Flights Actual Results 52 Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget 52 Revenue $ 16,200 $ 18,720 Planning Budget 50 $ 18,000 Expenses: Wages and salaries 7,840 Fuel 1,730 Airport fees 2,372 Aircraft depreciation 468 7,884 1,560 2,472 468 7,700 1,500 2,410 450 Office expenses 4401 272 270 Total expense 12,850 12,656 12,330 Net operating income $ 3,350 $ 6,064 $ 5,670