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 56 Flexible Planning Budget Budget 56 54 Flights (9) $ 16,100 $ 19,040 $ 18,360 Revenue ($340.000) Expenses: Wages and salaries ($3,300 + $91.009) Fuel ($30.000) Airport fees ($800 + $34.909) Aircraft depreciation ($8.000) Office expenses ($210 + $1.009) Total expense Net operating income 8,354 8,396 8,214 1,850 1,680 1,620 2,589 2,704 2,636 448 448 432 434 266 264 13,675 13,494 13,166 $ 2,425 $ 5,546 $5,194 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 54 Flights 56 56 S 16,100 $ 19,040 $ 18,360 8,396 Revenue Expenses: Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses Total expense Net operating income 8,354 1,850 2,589 448 1,680 2,704 8,214 1,620 2,636 448 432 266 264 434 13,675 2,425 13,494 5,546 13,166 5,194 $ S $