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) $ 16,300 $ 20,355 $19,665 Revenue ($345.009) Expenses : Wages and salaries ($3,700 + $88.00g) Fuel ($32.00g) Airport fees ($820 + $35.00) Aircraft depreciation ($8.009) Office expenses ($240 + $1.00) Total expense Net operating income 8,856 8,892 8,716 2,054 1,888 1,824 2,770 2,885 2,815 472 472 456 467 299 297 14,619 14,436 14,108 $ 1,681 $ 5,919 $ 5,557 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 57 Flights 59 59 Revenue $ 16,300 $ 20,355 $ 19,665 Expenses: Wages and salaries 8,856 8,892 F 8,716 1,824 Fuel 2,054 1,888 2,770 None 2.885 2,815 472 U 472 456 Airport fees Aircraft depreciation Office expenses Total expense Net operating income 467 299 297 14,619 14,436 14,108 $ 1,681 $ 5,919 $ 5,557