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 Resulta Budget Budget 56 56 54 Flights (9) $ 16,500 $19,880 $19,170 Revenue ($355.009) Expenses: Wages and salaries ($3,200 $90.009) Fuel ($31.000) Airport fees ($800 + $31.009) Aireraft depreciation ($11.009) office expenses ($220 + $1.009) Total expense Het operating income 8,200 8,240 8,060 1.900 1,736 1,674 2,406 2,536 2,474 616 616 594 444 276 274 13,570 13,404 13.076 5 2.930 $ 6,476 $ 6,094 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 Flexible Budget Actual Results Flights 56 Planning Budget 54 56 5 16,500 S 19,880 $ 19,170 8.240 1,736 Revenue Expenses: Wages and salaries Fuel Airport fees Alrcraft depreciation Office expenses Total expense Net operating income 8,200 1,904 2,406 616 444 13,670 2.930 8,060 1,674 2,474 594 2,536 616 276 13,404 6,476 274 $ $ 13,076 5,094 $