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 58 58 56 Flights (9) $ 16,100 $ 20,010 $ 19,320 Revenue ($345.00) Expenses : Wages and salaries ($3,100 + $92.00) Fuel ($33.009) Airport fees ($840 + $33.00) Aircraft depreciation ($10.009) Office expenses ($220 + $1.009) Total expense Net operating income 8,392 8,436 2,078 1,914 2,649 2,754 580 580 446 278 14,145 13,962 $ 1,955 $ 6,048 8,252 1,848 2,688 560 276 13,624 $ 5,696 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 Actual Results Planning Budget 56 Flights 58 58 $ 16,100 $ 20,010 $ 19,320 Revenue Expenses: Wages and salaries 8,392 8,436 8,252 2,078 1,914 1,848 2,649 2,754 2,688 580 580 560 Fuel Airport fees Aircraft depreciation Office expenses Total expense Net operating income 446 278 276 13,962 13,624 14,145 1,955 $ $ 6,048 $ 5,696