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 56 56 54 Flights (9) $ 16,500 $20, 160 $ 19,440 Revenue ($360.009) Expenses: Wages and salaries ($3,400 + $88.00q) Fuel ($33.009) Airport fees ($860 + $33.00q) Aircraft depreciation ($10.009) Office expenses ($220 + $1.00q) Total expense Net operating income 8,292 8, 328 8,152 2,012 1,848 1,782 2,568 2,708 2,642 560 560 540 444 276 274 13,876 13,720 13,390 $ 2,624 $ 6,440 $ 6,050 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 Revenue $ 16,500 S 20,160 $ 19,440 Expenses: Wages and salaries 8,292 8,328 8,152 Fuel 2,012 1,848 1,782 Airport fees 2,568 2,708 2,642 Aircraft depreciation 560 560 540 Office expenses 444 276 274 13,720 13,390 Total expense Net operating income 13,876 2,624 $ $ 6,440 $ 6,050