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 55 Flexible Planning Budget Budget 55 53 Flights (9) $ 16,300 $19,525 $ 18,815 Revenue ($355.00) Expenses : Wages and salaries ($3,800 + $90.00) Fuel ($30.00) Airport fees ($820 + $34.00) Aircraft depreciation ($10.009) Office expenses ($ 240 + $1.00) expense Net operating income 8, 710 8,750 8,570 1,820 1,650 1,590 2,560 2,690 2,622 550 550 530 463 295 293 14,103 13,935 13,605 $ 2,197 $ 5,590 $ 5,210 Total 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 Budget 55 Actual Results Planning Budget 53 Flights 55 $ 16,300 $ 19,525 $ 18,815 8,710 8,570 1,590 Revenue Expenses: Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses Total expense Net operating income 1,820 2,560 8,750 1,650 2,690 550 2,622 550 530 463 295 293 14,103 13,935 5,590 13,605 5,210 $ 2,197 $ $