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 Flights (g) $ 16,100 $ 20,880 $ 20,160 Revenue ($360.00q) Expenses: Wages and salaries ($3,700 + $87.00) Fuel ($33.009) Airport fees ($850 + $ 32.009) Aircraft depreciation ($10.009) Office expenses ($210 + $1.009) Total expense 8,712 2,078 2,566 580 436 14,372 1,728 8,746 8,572 1.9141.948 2,706 2.642 580 560 268 266 14,214 13,888 6, 666 $ 6, 272 $ $ 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 varlance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (.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 58 $ 16,100 $ 20,880 $ 20,160 Expenses: Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses Total expense Net operating income 8,712 2,078 2,568 580 436 14,372 1,728 8,746 1,914 2,706 580 268 14,214 8,888 8,572 1,848 2.642 560 286 13,888 6,272 S $ $