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 Budget Flights (9) 52 52 50 Revenue ($345.089) $ 16,500 $ 17,98 $ 17,250 Expenses: Wages and salaries ($3,108 + $89.809) 7,690 7,728 7,550 Fuel ($33.089) 1,880 1,716 1,650 Airport fees ($880 + $33.889) 2,496 2,596 2,530 Aircraft depreciation ($19.989) 520 520 500 Office expenses ($220 + $1.089) 440 272 270 Total expense 13,026 12,832 12,500 Net operating income $ 3,474 $ 5,188 $4,750 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 varlance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (1.e., zero verlance). Input all amounts as positive values.) Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget Actual Results Planning Budget 50 Flights 52 52 S 16,500 S 17,940 S 17,250 Revenue Expenses Wages and salaries Fuel 7,600 7.728 7,550 1.650 1,880 2,496 520 1,716 2,595 520 2,530 500 Airport fees Aircraft depreciation Office expenses Total expense Net operating income 440 270 13.026 3,474 272 12,832 5,108 12,500 4,750 S s S