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 52 52 50 Flights (9) $16,400 $18,200 $17.500 . Revenue ($350.000) Expenses: Wages and salaries ($3,200 + $88.00) Fuel ($32.009) Airport fees ($810 + $30.009) Aircraft depreciation ($8.009) office expenses ($240 + $1.004) Total expense Net operating income 7,740 7,776 7,600 1,830 1,664 1,600 2,230 2,370 2,310 416 416 400 460 292 290 12,676 12,518 12,200 $ 3,724 $ 5,682 $ 5,300 ances 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