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 Tlexible Planning Results Budget Hudget 53 53 51 Plights (9) $ 16,100 $ 18,815 $ 18,105 Ravenge ($355.009) Expenses Wages and salaries ($3,500 + $92.009) Pael ($34.000) Airport fees ($840 + $31.009) Aircraft depreciation ($10.009) office expenses ($230+ $1.009) Total expense Net operating income 8,332 8,376 8,192 1,964 1,802 1,734 2,378 2.483 2,421 530 530 510 451 283 281 13,655 13,474 13,138 $ 2,445 $ 5,341 $ 4,967 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 niin