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 Flights (9) Actual Results 61 Flexible Planning Budget 61 Budget 59 Revenue ($350.00q) Expenses: Wages and salaries ($3,300 + $86.00q) Fuel ($33.009) Airport fees ($870 + $31.00q) Aircraft depreciation ($10.009) Office expenses ($220 +$1.009) Total expense Net operating income $ 16,200 $21,350 $ 20,650 8,514 8,546 8,374 2,177 2,013 1,947 2,651 2,761 2,699 610 610 590 449 281 279 14,401 14,211 13,889 $ 1,799 $ 7,139 $ 6,761 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 Actual Results Flights 61 Revenue $ 16,200 Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget Planning Budget 61 59 + $ 21,350. $ 20,650 Expenses Wages and salaries 8,514 8,546 8,374 Fuel 2,177 2,013 1,947 Airport fees 2,651 2,761 2,699 Aircraft depreciation 610 610 590 Office expenses 449 281 279 Total expense 14,401 14.211 13,889 Net operating income 1,799 S 7,139 $ 6,761