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 ($3,700 + $91.009) Fuel ($32.009) Airport fees ($870 + $32.009) Aircraft depreciation ($11.009) Office expenses ($200 + $1.009) Total expense Net operating income 8,936 8,978 8,796 2,022 1,856 1,792 2,591 2,726 2,662 638 638 616 426 258 256 14,613 14,456 14,122 $ 1,587 $ 5,554 $ 5,198 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 Revenue $ 16,200 $ 20,010 $ 19,320 Expenses: Wages and salaries Fuel 8,936 8,978 1,856 8,796 1,792 2,022 2,591 2,726 2,662 Airport fees Aircraft depreciation 638 638 616 Office expenses 426 258 256 Total expense 14,613 14,456 5,554 14,122 5,198 Net operating income $ 1,587 $ $