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 Budget Budget Flights (q) 55 55 53 Revenue ($345.00q) $ 16, 200 $ 18,975 $ 18, 285 Expenses : Wages and salaries ($3, 000 + $92.00q) 8, 016 8, 060 7,876 Fuel ($33. 00q) 1,979 1, 815 1, 749 Airport fees ($860 + $32.00q) 2, 515 2,620 2,556 Aircraft depreciation ($10.00q) 550 550 530 Office expenses ($220 + $1.00q) 443 275 273 Total expense 13,503 13, 320 12,984 Net operating income $ 2, 697 $ 5,655 $ 5,301 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.)Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Actual Results Planning Budget Budget Flights 55 55 53 Revenue $ 16,200 $ 18,975 18,285 Expenses: Wages and salaries 8,016 8.060 7,876 Fuel 1,979 1,815 1,749 Airport fees 2,515 2,620 2,556 Aircraft depreciation 550 550 530 Office expenses 443 275 273 Total expense 13,503 13,320 12,984 Net operating income $ 2,697 5.655 5,301