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 (a) 60 60 58 $ 16,500 $21,300 $20,590 Revenue ($355.009) Expenses: Wages and salaries ($3,600 + $89.08) Fuel ($34.009) Airport fees ($800 + $33.089) Aircraft depreciation ($9.089) Office penses ($200 + $1.00) Total expense Net operating income 8,902 8,940 8,762 2,202 2,040 1,972 2,650 2,789 2,714 540 540 522 428 260 258 14,722 14,560 14,228 $ 1,778 $ 6,740 $ 6,362 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 (l.e., zero variance). Input all amounts as positive values.) Vulcan Flyovers Floxible Budget Performance Report For the Month Ended July 31 Flexible Budget Actual Results Planning Budget 58 Flights 60 60 $ 16,500 $ 21,300 $ 20.590 Revenue Expenses Wages and salaries Fuel Airport foon Arcraft depreciation Office expenses Total expense Not operating income 8,902 2,202 2,650 540 8,940 2,040 2.780 540 260 14,560 6,740 8.762 1.972 2,714 522 258 14,228 6,362 428 14,722 1,778 $ $ $