Vulcan Flyovers offers scenic overflights of Mount St. Helens, the volcano in Washington State that explosively erupted in 1982. Data concerning the companys operations in July appear below:

Vulcan Flyovers
Operating Data
For the Month Ended July 31
	Actual Results		Flexible Budget		Planning Budget
Flights (q)		54		54		52
Revenue ($340.00q)	$	16,200	$	18,360	$	17,680
Expenses:
Wages and salaries ($3,300 + $87.00q)		7,964		7,998		7,824
Fuel ($32.00q)		1,894		1,728		1,664
Airport fees ($810 + $33.00q)		2,492		2,592		2,526
Aircraft depreciation ($9.00q)		486		486		468
Office expenses ($230 + $1.00q)		452		284		282
Total expense		13,288		13,088		12,764
Net operating income	$	2,912	$	5,272	$	4,916

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 Revenue Expenses: Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses Total expense Net operating income Actual Results $ $ 54 16,200 7,964 1,894 2,492 486 452 13,288 2,912 Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 $ $ Flexible Budget 54 18,360 7,998 1,728 2,592 486 284 13,088 5,272 $ Planning Budget 52 17,680 7,824 1,664 2,526 468 282 12,764 4,916