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 ($355.00q) Expenses: Wages and salaries ($3,700 +$86.004) Fuel ($33.00q) Airport fees ($860 + $35.004) Aircraft depreciation ($11.00q) office expenses ($240 + $1.009) Total expense Net operating income. Actual Results 56 Flexible Planning Budget Budget 56 54 $ 16,100 $19,880 $ 19,170 8,484 8,516 8,344 2,012 1,848 1,782 2,720 2,820 2,750 616 616 594 464 296 294 14,296 14,096 13,764 $ 1,804 $5,784 $ 5,406 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 Actual Results 56 Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget 56 Planning Budget 54 Revenue $ 16,100 S 19,880 $ 19,170 Expenses: Wages and salaries 8,484 8,516 8,344 Fuel: 2,012 1,848 1,782 Airport fees 2,720 2,820 2,750 Aircraft depreciation 616 616 594 Office expenses 464 296 2941 Total expense 14,296 14,096 13,764 Net operating income $ 1,804 $ 5,784 $ 5,406