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 48 48 50 Flights (9) $ 13,650 $ 15,360 $ 16,000 Revenue ($320.00) Expenses: Wages and salaries ($4,000 + $82.00g) Fuel ($23.00q) Airport fees ($650 + $38.009) Aircraft depreciation ($7.009) Office expenses ($190 + $2.009) Total expense 8,430 1,260 2,350 336 460 12,836 814 7,936 1,104 2,474 336 286 12,136 3,224 8,100 1,150 2,550 350 290 12,440 $ 3,560 $ $ Net operating income 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 Flexible Budget 48 Actual Results 48 Planning Budget 50 Flights Revenue $ 13,650 | $ 15,360 | $ 16,000 Expenses: Wages and salaries 8,430 8,100 1,150 Fuel 7,936 1,104 2,474 1,260 2,350 2,550 336 336 350 Airport fees Aircraft depreciation Office expenses Total expense Net operating income 286 460 12,836 814 12,136 3,224 290 12,440 3,560 $ | $ $