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 Oporating Data Por the Month Ended July 31 Actual Resulta 55 Flexible Manning Budget Budget 55 53 Flights (9) 516,300 5 19.250 916,530 Fevenue $350.000) Exponos: Wagon and salarios (83,200 $89.00) Fuel (31.0091 Airport foo (3840331.000) Aircraft depreciation ($8.000) olce expensen (8230 . $1.009) Total expense Net operating Income 8,057 8,095 7,917 1,873 1.705 1.643 2,415 2,545 2,183 440 424 $53 28 2013 13,230 33,070 12,750 $3,0625 6,1805,000 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 53 55 55 Flights $ Revenue $ $ 16,300 19.250 18,550 8,057 1,873 8,095 1,705 2.545 7,917 1,643 2.483 2415 Expenses: Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses Total expense Net operating income 424 440 453 440 285 13,070 6,180 283 12.750 5,800 13,238 $ $ $ 3,062