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) 59 59 57 Revenue ($360.000) $16,100 $21, 240 $20,528 Expenses: Wages and salaries ($3,200 + $91.689) 8,527 8,569 8,387 Fuel ($32.009) 2,054 1,888 1,824 Airport fees (5868 + $35.089) 2,790 2,925 2,855 Aircraft depreciation ($9.000) 531 531 513 Office expenses ($210 + $1.889) 437 269 267 Total expense 1439 14,182 13,846 Net operating income $ 1,761 $ 7,058 $ 6,674 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 (l.e., zero variance). Input all amounts as positive values.) Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget 59 Actual Results Fights Planning Budget 57 59 $ 16.100 $ 21.240 $ 20.520 8,569 1,888 Revenue Expenses Wages and salanes Fuel Airport loos Aircraft depreciation Office expenses Total expense Natanim 8,527 2,054 2,790 531 437 2.925 531 269 8,387 1,824 2,855 513 267 13,846 6.674 14.330 1761 14,182 7.058 $