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 Results 54 Flexible Planning Budget Budget 54 52 Flights (9) $ 16,500 $ 18,630 $ 17,940 Revenue ($345.899) Expenses: Wages and salaries ($3,100 + $89.09) Fuel ($32.889) Airport fees ($810 + $30.00) Aircraft depreciation ($8.089) Office expenses ($230 + $1.689) Total expense Net operating income 7,868 7,906 7,728 1,894 1,728 1,664 2,325 2,430 2,370 432 432 416 452 284 282 12,971 12,780 12,460 $ 3,529 $ 5,850 $ 5,480 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 varlance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (I.e., zero varlance). Input all amounts as positive values.) Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget Actual Results Planning Budget 52 Flights 54 54 Revenue s 16,500 S 18,630 s 17.940 Expenses: Wages and salaries 7.868 7,906 7,728 Fuel 1.894 1,728 1,664 Airport fees 2.325 2,430 2.370 Aircraft depreciation 432 432 416 Office expenses 452 284 282 Total expense 12,780 12,460 12,971 3.529 Net operating income $ s 5,850 $ 5,480