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 62 Flexible Planning Budget Budget 62 60 Flights (9) $ 16,400 $ 22,910 $ 21,300 Revenue ($355.00) Expenses: Wages and salaries ($3,388 + $86.609) Fuel ($34.889) Airport fees ($810 + $32.909) Aircraft depreciation ($9.08) Office expenses ($210 + $1.689) Total expense Net operating income 8,600 8,632 8,460 2,270 2,108 2,040 2,674 2,794 2,730 558 558 540 440 272 270 14,542 14,364 14,640 $ 1,858 $ 7,646 $ 7,260 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 varlances and activity varlances. (Indicate the effect of each verlance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (1.e., zero varlance). Input all amounts as positive values.) Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget Actual Results Planning Budget 60 Flights 62 62 Revenue $ 16,400 s 22,010 S 21,300 Expenses: Wages and salaries 8.800 8.632 8,460 Fuel 2.270 2,108 2,040 Airport fees 2,674 2,794 2,730 Aircraft depreciation 558 558 540 440 272 270 Office expenses Total expense 14.040 14,542 1,858 14,364 7,646 Net operating income $ S S 7,280