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 54 52 Flights (9) 54 $ 16,400 $ 18,630 $ 17,940 Revenue ($345.eeq) Expenses: Wages and salaries ($3,200 + $87.009) Fuel ($34.009) Airport fees ($870 + $35.eeq) Aircraft depreciation ($11.689) Office expenses ($240 + $1.eeg) Total expense Net operating income 7,864 1,998 2,625 594 7,898 1,836 2,760 594 294 13,382 5,248 7,724 1,768 2,690 572 292 13,046 4,894 462 13,543 2,857 $ $ $ 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 Flights 54 Revenue 16,400 18,630 17,940 Expenses: Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses Total expense 7,864 1,998 2.625 594 462 13,543 2.857 7,898 1.836 2.760 594 294 7,724 1,768 2,690 572 292 13,382 13.046 Net operating income IS 5,248 4.894