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 i Budget 60 60 58 Flights (9) $ 16,400 $ 21.000 $ 20,309 Revenue ($350.009) Expenses: Wages and salaries ($3,600 + $90.009) Fuel ($32.009) Airport fees ($850 + $31.009) Aircraft depreciation ($10.009) Office expenses ($200 + $1.009) Total expense Net operating income 8,960 9,000 8,820 2,086 1,920 1,856 2,565 2,710 2,646 600 600 580 428 260 258 14,639 14.490 14,162 $ 1,761 $ 6,510 $ 6,138 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 (ie, 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 M 58 Flights 60 60 Revenue $ 16,400 $ 21.000 $ 20.300 8.960 2,086 9,000 1.920 8,820 1,856 2,710 2,648 Expenses Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses Total expense Net operating income 2565 600 600 580 428 14,639 1.761 260 14.490 6.510 258 14,162 6,138 $ $