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: Volcian Flyovers Operating Data For the Month Ended July 31 Actual Flexible Planning Results Budget Budet Flights (0) 52 50 Revue (5140,000) $ 16,00 $ 17,0 $17.000 Expenses Waand salaries (55,100 $40.000) 7.940 7,900 7,00 Sul ($14.000 1.90 1.68 1.700 Airport ($10.52.600) 2.319 2.4114 Aircraft preciso (1960) 2,400 office expenses (5700 - $1.000) 461 450 12,032 12. 52 30 353 250 The company measures its activity in terms of mights Customers can buy individual tickets for overflights or hire an entire plane foran overlight 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 fovorable. "U" for unfavorable, and "None" for no effect (ie, zero vorionce). Input all amounts as positive values.) Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget Actual Results Flights 52 Planning Budget 50 5 16 500 5 17 000 5 17.000 7.940 1.930 2.10 Airport Atraction 7.900 1:760 2,464 2.800 1 700 40 13 OTA 40 259 5 00