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 Honth Ended July 31 Actual Flexible Planning Reaults Budget Budget Flights (g 53 53 16,400 $18,285 $17,595 Revenue 345.00g) Expensca Nages and salaries ($3,600+$91.00g) Fuel ($32.00g) irport fees (840$30.00g) Aircraft depreciation 9.00g) Office expenses 230 + $1.00g) 8,381 8,423 ,241 ,B62 1,696 1, 632 2,315 2,430 2,370 459 477 451 477 283 Total expense 13,486 13,309 12,983 $ 2,914 4,976 4,612 Net operating incone 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 Planning Actual Results Flexible Flights 53 53 Revenue $16,400 $18,285 $ 17,595 Expenses: Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses 8,381 1,862 2,315 477 451 13.486 2,914 .423 1,696 2,430 477 283 13,309 4,976 8,241 1,632 2,370 459 281 12,983 4,612 Total expense Net operating income