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 59 Flights (q) 61 61 $16,100 $20,740 $20,060 Revenue $340.00q) Expenses: Wages and salaries ($3,300$86.00q) 8,514 8,546 8,374 2,1181,952 1,888 2,6012,7212,659 590 299 14,312 14,130 13,810 $ 1,788 6,610 $ 6,250 Fuel ($32.00q) Airport fees ($830 $31.00q) Aircraft depreciation ($10.00q) Office expenses ($240 $1.00q) 610 469 610 301 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. 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 61 61 59 Revenue 16,100 20,740 20,060 Expenses 8,514 2,118 2,601 610 469 14,312 1,788 8,546 1,952 2,721 610 301 14,130 6,610 8,374 1,888 2,659 590 299 13,810 6,250 Wages and salaries ue Airport fees Aircraft depreciation Office expenses Total expense Net operating income