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 Results 60 Flexible Planning Budget 60 Budget 58 Flights (q) Revenue ($345.00q) Expenses: Wages and salaries ($3,300 + $87.00g) Fuel ($33.00g) Airport fees ($820 + $35.00g) Aircraft depreciation ($10.00g) Office expenses ($210 + $1.00q) Total expense Net operating income $ 16,200 $20,700 $ 20,010 8,486 8,520 8,346 2,144 1,980 1,914 2,800 2,920 2,850 600 600 580 270 268 438 14,468 14,290 13,958 $ 1,732 $ 6,410 $ 6,052 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.)