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) 57 55 57 $ 16,100 $ 20,520 $ 19,880 Revenue ($368.889) Expenses: Wages and salaries ($3,600 + $92.889) Fuel ($33.089) Airport fees ($810 + $33.889) Aircraft depreciation ($9.899) Office expenses ($230 + $1.089) Total expense Net operating income 8,888 8,844 8,660 2,845 1,881 1,815 2,586 2,691 2,625 513 513 495 455 287 285 14,399 14, 216 13,880 $ 1,701 $ 6,394 $ 5,920 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 varlance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (I.e., zero verlance). 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 Revenue $ 16,100 S 20,520 S 19,800 Expenses Wages and salaries Fuel 8,800 8.600 8,844 1.881 1.815 2,045 2,586 2,691 2,625 513 513 Airport fees Aircraft depreciation Office expenses Total expense Net operating income 495 285 287 455 14,3991 14,216 6,304 13,880 5.920 $ 1,701 S S