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 51 Flights (q) 53 53 $ 16,290 $ 18,815 $ 18,105 Revenue ($355.00q) Expenses: Wages and salaries ($3,100 $91.e0q) Fuel ($34.00q) Airport fees ($820 $35.90q) Aircraft depreciation ($11.00q) Office expenses ($250 + $1.009) 7,741 1,734 2,605 561 301 13,439 13,286 12,942 $ 2,761 $5,529 $ 5,163 7,881 1,964 2,540 7,923 1,802 2,675 471 303 Total expense Net operating income 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 Planning Budget Actual Results Flights 53 53 51 Revenue 16,200 $ 18,815 18,105 Expenses Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses 7.881 1,964 2,540 583 471 13,439 2,761 7,923 1,802 2,675 583 303 13,286 5,529 7,741 1,734 2,605 561 301 12,942 5,163 Total expense Net operating income