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 55 Flexible Planning Budget Budget 55 53 Flights (9) $ 16,000 $ 19,525 $ 18,815 Revenue ($355.000) Expenses: Wages and salaries ($3,300 + $91.009) Fuel ($32.009) Airport fees ($850 + $31.009) Aircraft depreciation ($9.009) Office expenses ($230 + $1.009) Total expense Net operating income 8,263 8,305 1,926 1,760 2,425 2,555 495 495 453 285 13,562 13,400 $ 2,438 $ 6,125 8,123 1, 696 2,493 477 283 13, 072 5,743 $ 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 Flights 55 55 $ 16.000 Revenue $ $ 19,525 18 815 Expenses 8,263 Wages and salaries 8,123 8,305 1 696 Fuel 1,760 1.926 2,493 2,555 2,425 Airport fees 477 495 495 Aircraft depreciation 283 285 453 Office expenses 13.072 Total expense 13,400 13,562 2,438 $ $ $ 5,743 6,125 Net operating income