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 60 60 58 Flights (9) $16,100 $21,300 $20,590 8, 128 1,970 8,160 1,800 7,988 1,740 Revenue ($355.00) Expenses: Wages and salaries ($3,000 + $86.000) Fuel ($30.009) Airport fees ($860 + $34.009) Aircraft depreciation ($8.009) Office expenses ($200 + $1.009) Total expense Net operating income 2,765 2,900 2,832 480 480 464 428 260 258 13,771 13,600 13,282 $ 2,329 $ 7,700 $ 7,308 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 Actual Flexible Results Budget 60 60 Planning Budget 58 Flights $ 16,100 $ 21,300 $ 20,590 8,128 8,160 7,988 Revenue Expenses: Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses Total expense Net operating income 1,970 2,765 1,800 2,900 1,740 2,832 480 480 464 428 13,771 260 13,600 258 13,282 7,308 $ 2,329 $ 7,700 $