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 + $85.009) Fuel ($34.009) Airport fees ($820 + $34.009) Aircraft depreciation ($8.009) Office expenses ($240 + $1.009) Total expense Net operating income 8,200 8,230 8,060 2,134 1,972 1,904 2,677 2,792 2,724 464 464 448 466 298 13,941 13,756 13,432 $ 2,259 $ 6,254 $ 5,888 296 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 Revenue and Spending Flexible Variances Budget Actual Results Activity Variances Planning Budget 56 Flights 58 58 Revenue $ 16,200 $ 20,010 $ 19,320 Expenses: Wages and salaries 8,200 8,230 8,060 Fuel 2,134 1,972 1,904 Airport fees 2,677 2,792 2,724 Aircraft depreciation 464 464 448 Office expenses 466 298 296 Total expense 13,941 13,756 13,432 Net operating income $ 2,259 $ 6,254 $ 5,888