Vulcan Flyovers offers scenic overflights of Mount St. Helens, the volcano in Washington State that explosively erupted in 1982. Data concerning the companys operations in July appear below:

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 60 Flexible planning Budget Budget 60 58 Flights (9) $ 16,400 $ 21,300 $ 20,590 Revenue ($355.00) Expenses: Wages and salaries ($3,700 + $91.00) Fuel ($31.009) Airport fees ($820 + $32.009) Aircraft depreciation ($10.000) Office expenses ($230 + $1.00g) Total expense Net operating income 9,118 9,160 8,978 2,028 1,860 1,798 2,630 2,740 2,676 600 600 580 458 290 288 14,834 14,650 14,320 $ 1,566 $ 6,650 $ 6,270 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 58 Flights 60 60 Revenue $ 16,400 $ 21,300 $ 20,590 Expenses: Wages and salaries Fuel 9,118 9,160 8,978 2,028 1,860 1,798 2,630 2,740 2,676 Airport fees Aircraft depreciation 600 600 580 458 290 288 Office expenses Total expense 14,650 14,320 14,834 1,566 Net operating income $ $ 6,650 $ 6,270