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 Flexible Planning Results Budget Budget 50 Flights (9) 52 $16,200 $ 18,200 $17,500 Revenue ($350.00q) Expenses : Wages and salaries ($3,100 + $88.000) Fuel ($31.00) Airport fees ($820 + $32.009) Aircraft depreciation ($9.00) Office expenses $240 + $1.00q) Total expense Net operating income 7,640 7,676 7,500 1,780 1,612 1,550 2,334 2,484 2,420 468 468 450 460 292 290 12,682 12,532 12,210 $ 3,518 $ 5,668 $ 5,290 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 50 Flights 52 52 Revenue $ 16,200 $ 18,200 $ 17,500 Expenses: 7,676 7,500 Wages and salaries Fuel 1,612 1,550 Airport fees 7,640 1,780 2,334 468 460 12,682 3,518 2,420 450 Aircraft depreciation Office expenses Total expense Net operating income 2,484 468 292 12,532 5,668 290 12,210 5,290 $ | $ $