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 Plexible planning Results Budget Budget Flights (0) 62 62 60 Revenue ($350.009) 516,200 $21,200 $21,000 Expenses: Wagen and salaries ($3,100 + $85.000) 8,340 8,370 8,200 Fuel ($30.000) 2,030 1,860 1.800 Airport toes (5850 - $35.000 2,905 3,020 2.950 Aircraft depreciation ($10.000) 620 620 600 Office expenses ($210 - 51.000) 440 272 270 Total expense 14,335 14, 142 13,820 Net operating income $ 1,865 $ 7,558 57.100 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 varlances. (indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (.e., zero variance). Input all amounts as positive values.) Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Floxible Budget 62 Actual Results Planning Budget 60 Flights 62 Revenue $ 16,200 $ 21,7001 $ 21,000 Expenses Wages and salaries Fuel Airport fees Aircraft depreciation Omice expenses Total expense Net operating Income 8,340 2.030 2.905 620 440 8,370 1,860 3,020 620 272 14.142 7,558 8,200 1.800 2,950 600 270 13.820 7.180 14 335 1,865 5 $