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 Results 62 Flexible Planning Budget Budget 62 60 Flights (9) $ 16,200 $ 21,390 $ 20,700 Revenue ($345.00q) Expenses: Wages and salaries ($3,800 + $91.009) Fuel ($32.009) Airport fees ($890 + $31.009) Aircraft depreciation ($10.009) Office expenses ($200 + $1.00q) Total expense Net operating income 9,400 9,442 9,260 2,150 1,984 1,920 2,697 2,812 2,750 620 620 600 430 262 260 15, 297 15, 120 14,790 $ 903 $ 6,270 $ 5,910 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 60 Flights 62 62 Revenue $ 16,200 $ 21,390 $ 20,700 Expenses: Wages and salaries 9,400 9,442 9,260 Fuel 2,150 1,984 1,920 Airport fees 2,697 2,812 2,750 Aircraft depreciation 620 620 600 Office expenses 430 262 260 Total expense 15,297 15,120 14,790 Net operating income 903 $ 6,270 5,910