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 Datia For the Month Ended July 31 Actual Flexible Planning Results Budget Budget 58 Flights (g) 60 60 $ 16,400 $ 21,000 $ 20,300 Revenue ($350.00q) Expenses: Wages and salaries ($3,700 + $87.00q) Fuel ($32.00q) Airport fees ($860 + $30.00q) Aircraft depreciation ($10.00q) Office expenses ($200 + $1.00q) 8,746 1,856 2,600 580 258 14,51514,360 14,040 $ 1,885 $ 6,640 6,260 8,886 2,086 2,515 600 428 8,920 1,920 2,660 600 260 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. 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.)