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: Valean Flyover Operating Data For the Month Ended July 31 Actual Flexible Planning Results Budget Budget 61 61 59 Flights (9) $ 16,300 $21,045 $ 20,355 Revenue ($345.00) Expenses: Wages and salaries ($3,500 + $91.000) Fuel (533.000) Airport feee ($840 + $30.000) Aircraft depreciation ($11.009) office expenses ($210 + $1.009) Total expense Net operating income 9,009 9,051 8,869 2,177 2,013 1,947 2,565 2,670 2.610 671 671 649 439 271 269 14,861 14.676 14,344 $ 1,439 $ 6,369 $ 6,011 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 (1.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 59 Flights 61 61 $ 16,300 $ 21,045 $ 20,355 Revenue Expenses: Wages and salaries Fuel 8,869 1,947 9,009 2,177 2,565 671 9,051 2,013 2,670 671 2,610 649 Airport fees Aircraft depreciation Office expenses Total expense Net operating income 439 271 269 14,861 1,439 14,676 6,369 $ 14,344 6.011 $ $