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 57 Flexible Planning Budget Budget 57 55 Flights (9) $ 16,400 $ 19,950 $ 19, 250 + Revenue ($350.000) Expenses: Wages and salaries ($3,300 + $88.909) Fuel ($31.009) Airport fees ($830 + $33.009) Aircraft depreciation ($10.000) Office expenses ($230 + $1.009) Total expense Net operating income 8,280 8,316 8,140 1,935 1,767 1,705 2,576 2,711 2,645 570 570 550 455 287 285 13,816 13,651 13,325 $ 2,584 $ 6,299 $ 5,925 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 55 Flights 57 57 $ 16,400 $ 19,950 $ 19,250 8,280 Revenue Expenses: Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses Total expense Net operating income 1,935 2,576 570 8,316 1,767 2,711 8,140 1,705 2,645 570 550 287 285 455 13,816 2,584 13,651 6,299 13,325 5,925 $ $ $