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 ResultsBudget Budget 53 Flights (q) 19,525 18,815 Revenue ($355.00q) Expenses: 16,300 Wages and salaries ($3,000 $91.00q) Fuel ($31.00q) Airport fees ($800 $32.00q) Aircraft depreciation ($8.00q) Office expenses ($230 + $1.009) 7,823 1,643 2,496 424 283 12,669 $ 3,146 $ 6,530 $ 6,146 7,963 1,873 2,425 440 453 13,154 8,005 1,705 2,560 440 285 12,995 Total expense Net operating income 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 Planning Budget Actual Results Flights 53 Revenue 16,300 19,525 18,815 Expenses 7,963 1873 2,425 440 453 13,154 3,146 8,005 1,705 2,560 440 285 12,995 6,530 7,823 1,643 2,496 424 283 12,669 6.146 Wages and salaries Fuel Airport fees ircraft depreciation Office expenses Total expense Net operating income