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) $ 16,500 $20,590 $19,880 Revenue ($355.00) Expenses: Wages and salaries ($3,300 + $87.00) Fuel ($33.009) Airport fees ($860 + $34.009) Aircraft depreciation ($10.009) Office expenses ($210 + $1.00) Total expense Net operating income 8,312 8, 346 8,172 2,078 1,914 1,848 2,692 2,832 2,764 580 580 560 436 268 266 14,098 13, 940 13,610 $ 2,402 $ 6,650 $ 6,270 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 Revenue $ 16,500 $ 20,590 $ 19,880 Expenses: Wages and salaries Fuel 8,312 8,346 8,172 2,078 1,914 1,848 2,832 2,764 2,692 580 580 560 Airport fees Aircraft depreciation Office expenses Total expense Net operating income 436 268 266 13,610 14,098 2.402 13,940 6,650 $ $ $ 6,270