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 59 Flexible Planning Budget Budget 59 57 Flights (9) $ 16,400 $ 20,355 $ 19,665 8,402 Revenue ($345.009) Expenses: Wages and salaries ($3,500 + $86.009) Fuel ($33.009) Airport fees ($800 + $33.009) Aircraft depreciation ($10.009) Office expenses ($240 + $1.009) Total expense Net operating income 8,542 8,574 2,111 1,947 1,881 2,617 2,747 2,681 590 590 570 467 299 297 14,327 14,157 13,831 $ 2,073 $ 6,198 $ 5,834 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 (.e., zero variance). Input all amounts as positive values.) Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget Actual Results Planning Budget 57 Flights 59 59 $ 16,400 $ $ 20,355 $ 19,665 Revenue Expenses: Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses Total expense Net operating income 8,542 2,111 2,617 8,574 1,947 2,747 590 8,402 1,881 2,681 590 570 297 467 299 14,327 13,831 14,157 6,198 $ 2,073 $ $ 5,834