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: Flights (9) Revenue ($340.00g) Expenses: Vulcan Flyovers Operating Data For the Month Ended July 31 Wages and salaries ($3,600 +$90.00q) Fuel ($32.00g) Airport fees ($840 + $32.00q) Aircraft depreciation ($8.00g) Office expenses ($250 +$1.00g) Total expense Net operating income Actual Flexible Planning Results 62 Budget Budget 62 60 $16,500 $21,080 $20,400 9,140 9,180 9,000 2,150 1,984 1,920 2,704 496 480 14,970 2,824 2,760 496 312 480 310 14,796 14,470 $ 1,530 $6,284 $ 5,930 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.)