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 Flights (9) 60 60 58 Revenue ($340.009) $16,100 $20,400 $19, 720 Expenses: Wages and salaries ($3,200 + $86.009) 8,328 8,360 8,188 Fuel ($33.009) 2, 144 1,980 1,914 Airport fees ($860 + $32.00) 2,670 2,780 2,716 Aircraft depreciation ($10.009) 600 600 580 Office expenses ($210 + $1.009) 438 270 268 Total expense 14,180 13,990 13,666 Net operating income $ 1,920 $ 6,410 $ 6,054 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 601 60 Planning Budget 58 Flights $ 16,100 $ 20,400 | $ 19,720 8,328 8,188 Revenue Expenses: Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses Total expense Net operating income 1,914 2,716 2,144 2,670 600 438 14,1801 1,920 8,360 1,980 2,780 600 270 13,9901 6,410 580 268 13,666 $ $ $ 6,054