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 FlexiblePlanning Results Budget Budget Flights (9) 58 58 56 Revenue ($360.009) $16,100 $20,880 $20,160 Expenses: Wages and salaries ($3,400 + $90.009) 8,580 8,620 8,440 Fuel ($31.089) 1,966 1,798 1,736 Airport fees ($850 + $31.004) 2,538 2,648 2,586 Aircraft depreciation ($11.000) 638 638 616 Office expenses ($240 + $1.009) 466 298 296 Total expense 14, 188 14,802 13,674 Net operating income $ 1,912 $ 6,878 $ 6,486 ce 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 (ie, zero variance). Input all amounts as positive values.) Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Actual Flexible Planning Results Budget Budget Flights 58 58 56 $ 16.100 $ 20,880 $ 20,160 Revenue Expenses Wages and salarios Fuel Airport fees Alrcraft depreciation Office expenses Total expense Net operating income 8,580 1.966 2.538 638 466 14,188 5 1,912 8,620 1,798 2,648 638 298 14.002 $ 6,878 8,440 1,736 2,586 816 296 13,674 6,486 $