Vulcan Flyovers offers scenic overflights of Mount St. Helens, the volcano in Washington State that explosively erupted in 1982. Data concerning the companys operations in July appear below: Vulcan Flyovers Operating Data For the Month Ended July 31 Actual Results Flexible Budget Planning Budget Flights (q) 62 62 60 Revenue ($350.00q) $ 16,400 $ 21,700 $ 21,000 Expenses: Wages and salaries ($3,800 + $90.00q) 9,340 9,380 9,200 Fuel ($33.00q) 2,210 2,046 1,980 Airport fees ($860 + $30.00q) 2,605 2,720 2,660 Aircraft depreciation ($9.00q) 558 558 540 Office expenses ($240 + $1.00q) 470 302 300 Total expense 15,183 15,006 14,680 Net operating income $ 1,217 $ 6,694 $ 6,320 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.)