Vulcan Flyovers offers scenic overflights of Mount St. Helens, the volcano in Washington State that explosively erupted in 1982. Data concerning the companys operations in July appear below: Vulcan Flyovers Operating Data For the Month Ended July 31 Actual Results Flexible Budget Planning Budget Flights (q) 57 57 55 Revenue ($355.00q) $ 16,300 $ 20,235 $ 19,525 Expenses: Wages and salaries ($3,300 + $87.00q) 8,225 8,259 8,085 Fuel ($33.00q) 2,045 1,881 1,815 Airport fees ($860 + $31.00q) 2,487 2,627 2,565 Aircraft depreciation ($8.00q) 456 456 440 Office expenses ($240 + $1.00q) 465 297 295 Total expense 13,678 13,520 13,200 Net operating income $ 2,622 $ 6,715 $ 6,325 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.)