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 Flexible Planning Results Budget Budget 53 53 51 Flights (9) $ 16,400 $ 19,080 $ 18,360 Revenue $360.00q) Expenses: Wages and salaries ($3,200 + $90.009) Fuel ($33.00) Airport fees ($810 + $31.000) Aircraft depreciation ($9.000) Office expenses ($230 + $1.00q) Total expense Net operating income 2,453 7,930 7,970 7,790 1,913 1,749 1,683 2,328 2,391 177 477 459 451 283 281 13,099 12,932 12,604 $ 3,301 $ 6, 148 $ 5,756 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 (.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 53 Actual Results Activity Variances Planning Budget 51 Flights 53 $ 16,400 $ 19,080 $ 18,360 Revenue Expenses: Wages and salaries 7,930 1,913 2,328 Fuel 7,970 1,749 2,453 7,790 1,683 2,391 477 477 Airport fees Aircraft depreciation Office expenses Total expense Net operating income 459 281 451 283 12,604 13,099 3,301 12,932 6,148 $ $ $ 5,756