Vulcan Flyovers offers scenic overflights of Mount St. Helens, the volcano in Washington State that explosively erupted in 1982. Data concerning the company's opera tions in July appear belovw ulcan Flyovers Operating Data For the Manth Ended July 31 Actual Flexible Planning 57 $ 16,10e 20,945 $ 20,235 Results Budgt Budget Flights (g) 59 Revenue ($355.082) Expenses: ages and salaries ($3,580 + $91.00g) Fuel ($34.00g) Airport fees ($860 $3190) Aircraft depreciatian ($11.00g) Office expenses ($250 $1.0) 8,687 1,938 2,627 627 307 14,186 $ 1,425 6,423 6,849 8,827 2, 168 2,554 649 477 14,675 8,869 2,06 2,689 649 309 14,522 Total expense Net operating incame The company measures its a ctivity 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. (lndicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for n effect (i.e., zero variance). Input all amounts as positive values.)