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 FlexiblePlanning Results Budget Budget 54 54 52 Flights (9) $16,100 $18,630 $17,940 8,520 1,946 8,560 1,782 8,380 1,716 Revenue ($345.00) Expenses: Wages and salaries ($3,700 + $90.009) Fuel ($33.009) Airport fees ($850 + $34.009) Aircraft depreciation ($10.009) Office expenses ($210 + $1.009) Total expense Net operating income 2,541 2,686 2,618 540 540 520 432 264 262 13,979 13,832 13,496 $ 2,121 $ 4,798 $ 4,444 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 Actual Flexible Results Budget 54 54 Planning Budget 52 Flights $ 16,100 $ 18,630 $ 17,940 8,520 8,560 8,380 1,946 2,541 Revenue Expenses: Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses Total expense Net operating income 1,782 2,686 1,716 2,618 540 540 520 432 13,979 2,121 264 13,832 4,798 262 13,496 4,444 $ $ $