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) 53 53 51 Revenue ($360.009) $ 16,300 $ 19,080 $ 18,360 Expenses: Wages and salaries ($3,300 + $89.009) 7,979 8,017 7,839 Fuel ($33.009) 1,913 1,749 1,683 Airport fees ($870 + $34.909) 2,567 2,672 2,604 Aircraft depreciation ($10.009) 530 530 510 office expenses ($200 + $1.009) 421 253 251 Total expense 13,410 13,221 12,887 Net operating income $ 2,890 $ 5,859 $ 5,473 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 (i.e., 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 Flights 53 53 51 $ 16,300 $ 19,080 18,360 7,839 7,979 1,913 Revenue Expenses: Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses Total expense Net operating income 8,017 1,749 2,672 1,683 2,567 2,604 530 510 530 253 421 251 13,410 13,221 12,887 $ 2,890 $ 5,859 $ 5,473