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) Revenue ($360.009) Expenses: Wages and salaries ($3,800 + $90.009) Fuel ($31.009) Airport fees ($860 + $34.009) Aircraft depreciation ($9.009) Office expenses ($200 + $1.009) Total expense Net operating income Actual Results Flexible Planning 53 Budget 53 Budget 51 $ 16,400 $ 19,080 $18,360 8,530 8,570 8,390 1,811 1,643 1,581 2,547 2,662 2,594 477 477 459 253 251 421 13,786 13,605 13,275 $ 2,614 $ 5,475 $ 5,085 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.)