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 61 Flexible Planning Budget Budget 61 59 Flights (9) $ 16,100 $ 21,045 $ 20,355 Revenue ($345.009) Expenses: Wages and salaries ($3,700 + $87.00q) Fuel ($33.009) Airport fees ($840 + $34.009) Aircraft depreciation ($9.009) Office expenses ($240 + $1.009) Total expense 8,973 9,007 8,833 2,177 2,013 1,947 2,769 2,914 2,846 549 549 531 469 301 299 14,937 14,784 14,456 $ 1,163 $ 6,261 $ 5,899 Net operating income 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 Actual Results Planning Budget 59 Flights 61 61 Revenue $ 16,100 $ 21,045 $ 20,355 Expenses: Wages and salaries 8,973 9,007 2,013 8,833 1,947 Fuel 2,177 Airport fees 2,769 2,914 2,846 Aircraft depreciation 549 549 531 Office expenses 469 301 299 Total expense 14,456 14,937 1,163 14,784 6,261 Net operating income $ $ 5,899