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 () 58 58 56 Revenue (5355.000) 5 16,200 5 20,590 $ 19,830 Expenses: Wapes and salaries ($3,500 507.000) 8,512 8,546 8,372 Fuel ($30.060) 1,910 1,740 1,680 Airport fees (5830 - $31.000) 2,518 2,625 2,566 Aircraft depreciation (58.909) 464 448 office expenses (5250 - $1.099) 476 388 306 Total expense 13, ose 13,686 13,372 Net operating income 52,328 $ 6,904 5 5,50 The company measures its activity in terms of flights. Customers can buy individual tickets for overflights or hire an entire plane for an overnight 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 (le, zero varlance). Input all amounts as positive values.) Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget Actual Results Planning Budget 56 Flights 58 58 5 16.200 5 20 590 5 19 880 8,546 1.740 Revenue Expenses Wages and salanes Fuel Airport fees Aircraft depreciation Office expenses Total expense Net operating income 8.512 1910 2,518 464 476 13.800 2320 2.628 464 308 13,686 6.904 8372 1680 2,566 448 306 13372 6.508 $