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 (9) 56 56 54 Revenue (5355.899) $ 16,100 $19,880 $ 19,170 Expenses: Wages and salaries ($3,700 + $85.689) 8,430 8,460 8,290 Fuel ($32.009) 1,958 1,792 1,728 Airport fees ($820 + $31.809) 2,416 2,556 2,494 Aircraft depreciation ($9.089) 504 504 486 Office expenses ($240 + $1.000) 464 296 294 Total expense 13,772 13,608 13, 292 Net operating income $ 2,328 $ 6,272 $ 5,878 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. 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 56 Actual Results Planning Budget 54 Flights 56 $ 16.100 $ 19,880 $ 710F $ 19,170 8,430 1,958 8,0500 6210 8.290 1.728 2,494 Revenue Expenses: Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses Total expense Net operating income 660 2,416 504 464 8.460 1.792 2,556 504 296 13,608 6,2725 180 210 3220 388 F 486 294 13,292 5,878 13.772 2,328 $ $ $