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 (g 56 56 54 Revenue ($355.00g) Expenses: Wages and salaries (s3,200$90.00g) Fuel ($30.00g) Airport fees (S880$31.00g Aircraft depreciation ($9.00q Office expenses ($240 $1.00g) 8,200 8,240 ,060 1,620 2,486 2,616 2,554 486 294 1, 850 1,680 504 464 504 296 Total expense 2,696 6,544 6,156 Net operating income 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 Actual Results Flights 56 56 54 S 16,200 S 3,680 $ 19,880 S 19,170 8,200 1,850 2,486 504 464 13,504 2,696 8,060 1,620 2,554 486 Wages and salaries 40 170 130 8,240 1,680 2,616 504 296 13,336 6,544 Airport fees Aircraft depreciation Office expenses 168 Total expense 13,014 Net operating income 6,156