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 ($350.00q) $ 16, 000 $ 19, 250 $ 18, 550 Expenses: Wages and salaries ($3, 100 + $89.00q) 7,957 7,995 7, 817 Fuel ($32.00q) 1,926 1, 760 1, 696 Airport fees ($830 + $33.00q) 2, 495 2.645 2,579 Aircraft depreciation ($11.00q) 605 605 583 Office expenses ($250 + $1.00q) 473 305 303 Total expense 13, 456 13, 310 12,978 Net operating income $ 2,544 $ 5,940 $ 5,572 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: . 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 Actual Results Flexible Planning Budget Budget |Flights 55 55 53 Revenue $ 16,000 $ 19,250 $ 18,550 Expenses: Wages and salaries 7,957 7,995 7,817 Fuel 1,926 1,760 1,696 Airport fees 2,495 2,645 2,579 Aircraft depreciation 605 605 583 Office expenses 473 305 303 Total expense 13,456 13,310 2,978 Net operating income $ 2,544 5,940 $ 5,572