Vulcan Flyovers offers scenic overflights of Mount St. Helens, the volcano in Washington State that explo 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 57 55 $ 16,300 $ 19,665 $ 18,975 Revenue ($345.009) Expenses: Wages and salaries ($3,300 + $85.009) Fuel ($31.009) Airport fees ($830 + $35.009) Aircraft depreciation ($8.009) Office expenses ($230 + $1.089) Total expense Net operating income 8,115 8,145 7,975 1,935 1,767 1,705 2,680 2,825 2,755 456 456 440 455 287 285 13,641 13,480 13,160 $ 2,659 $ 6,185 $ 5,815 The company measures its activity in terms of flights. Customers can buy individual tickets for overflights overflight at a discount. Required: 1. Prepare a flexible budget performance report for July that includes revenue and spending variances and the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect all amounts as positive values.) Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget Actual Results Flights 57 Planning Budget 55 57 $ 16,300 $ 19,665 $ 18 975 Revenue Expenses Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses Total expense Net operating income 8.115 1,935 2,680 8.145 1,767 2.825 7.975 1.705 2,755 440 285 456 455 13,641 2.659 456 287 13,480 13,160 $ 6.185 5.815