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 54 Flexible Planning Budget Budget 54 52 Flights (9) $ 16,100 $ 18,630 $ 17,940 Revenue ($345.009) Expenses : Wages and salaries ($3,700 + $92.00) Fuel ($33.00) Airport fees ($820 + $35.00) Aircraft depreciation ($8.009) Office expenses ($250 + $1.00) Total expense Net operating income 8,624 8,668 8, 484 1,946 1,782 1,716 2,560 2,710 2,640 432 432 416 472 304 302 14,034 13,896 13,558 $ 2,066 $ 4,734 $ 4,382 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 Flexible Budget Actual Results Planning Budget 52 Flights 54 54 Revenue $ 16,100 $ 18,630 $ 17,940 Expenses: Wages and salaries Fuel 8,484 8,624 1,946 8,668 1,782 1,716 Airport fees 2,560 2,710 2,640 432 432 416 Aircraft depreciation Office expenses Total expense 472 304 302 14,034 13,896 13,558