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 Results 62 Budget 62 Budget 60 Flights (q) Revenue ($355.00q) Expenses: Wages and salaries ($3,200 + $90.009) Fuel ($33.009) Airport fees ($830 +$34.009) Aircraft depreciation ($10.009) Office expenses ($220 + $1.009) Total expense Net operating income $ 16,500 $ 22,010 $ 21,300 8,740 8,780 8,600 2,210 2,046 1,980 2,828 2,938 2,870 620 620 600 450 14,848 282 14,666 280 14,330 $ 1,652 $ 7,344 $ 6,970 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.) Actual Results Flights 62 Revenue $ 16,500 Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Planning Budget Budget 62 60 $ 22,010 21,300 Expenses: Wages and salaries 8,740 8,780 8,600 Fuel 2,210 2,046 1,980 Airport fees 2,828 2,938 2,870 Aircraft depreciation 620 620 600 Office expenses 450 282 280 Total expense 14,848 14,666 14,330 Net operating income $ 1,652 $ 7,344 $ 6,970