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 Flights (9) 52 52 50 Revenue ($345.009) $16,300 $17,940 $17,250 Expenses: Wages and salaries ($3,600 $91.009) 8,290 8,332 8,150 Fuel ($34.00) 1,930 1.768 1,700 Airport fees (5810 + $32.009) 2,369 2,474 2,410 Aircraft depreciation (510.000) 520 520 500 Office expenses ($250 + $1.009) 470 302 380 Total expense 1579 1396 13,660 Net operating income $ 2,721 $ 4,544 5 4,190 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 (le, zero variance). Input all amounts as positive values.) Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget 52 Actual Results 52 Flights Planning Budget 50 $ 16,300 $ 17,940 $ 17.250 Revenue Expenses Wages and salaries Fuel Airport fees Aircran depreciation Office expenses Total expense Net operating income 8.332 1,768 2.474 8.290 1.930 2,309 520 470 13,579 2,721 520 302 13,390 4,544 8,150 1.700 2,410 500 300 13.060 4,190 5 $ $