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 Results 58 Flexible Planning Budget Budget 58 56 Flights (9) $ 16,200 $ 20,010 $ 19,320 Revenue ($345.009) Expenses: Wages and salaries ($3,300 + $88.009) Fuel ($34.009) Airport fees ($840 + $32.009) Aircraft depreciation ($9.009) Office expenses ($220 + $1.009) Total expense Net operating income 8,368 8,404 8,228 2,134 1,972 1,904 2,576 2,696 2,632 522 522 504 446 278 276 14,046 13,872 13,544 $ 2,154 $ 6,138 $ 5,776 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 16,200 $ 20,010 $ $ 19,320 Revenue Expenses: Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses Total expense Net operating income 8,368 2,134 2,576 8,404 1,972 2,696 522 8,228 1,904 2,632 504 276 13,544 5,776 522 278 13,872 6,138 446 14,046 2,154 $ $ $