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 53 53 51 Flights (q) Revenue ($350.00q) $ 16, 400 $ 18, 550 $ 17, 850 Expenses: Wages and salaries ($3, 306 + $86.00q) 7, 826 7, 858 7, 686 Fuel ($32. 08q) 1, 862 1, 696 1, 632 Airport fees ($860 + $34.00q) 2,487 , 602 2,534 Aircraft depreciation ($10.00q) 530 530 516 Office expenses ($220 + $1.00q) 441 273 271 Total expense 13, 146 12, 959 12, 633 Net operating income $ 3, 254 $ 5,591 $ 5, 217 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 Actual Results Flexible Budget Planning Flights 53 Budget 53 51 Revenue S 16,400 S 18.550 Expenses S 17,850 Wages and salaries 7,826 Fuel ,858 1.862 7,686 Airport fees 1,696 2,487 1,632 Aircraft depreciation 2,602 530 2,534 Office expenses 530 441 510 Total expense 273 13 146 271 Net operating income S 12,959 3,254 $ 2.633 5,591 S 5,217