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 Rcsults Budget Budget Flights (4) Revenue ($345.88q) 16,380 28,355 $ 19,665 Nages and salaries ($3,88e $87.88q) Fucl ($32.88q) Airport fees ($818 + 32.eeq) Aircraft depreciation ($9.884) Office expenses (s200$1.88q) 8,759 1,824 2,634 8,933 2,8541,888 2,698 2,558 427 257 Total expense 1,8316,846 5,678 Net operating incone The company messures its sctivity in terms of flights. Customers can buy individual tickets for overflights or hire an entire plane for an overfight at a discount 1. Prepsre a flexible budget performance report for July thst 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 (L.e., zero varlance). Input all amounts as positive values.) Flexlble Budget Pertormance Report For the Month Ended July 31 Flexible Actual Resulte Fights 16.300 20.3 19 Expenses Wages and salaries 8.933 8.7 2.054 Airport fees Aircraft depreciation Ofice expenses 531 51 257 13.987 5,67 531 427 14 6.046 Total expense 14.4 Net operating income 1,831