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) $ 16,400 $ 19,170 $ 18, 460 Revenue ($355.009) Expenses: Wages and salaries ($3,700 + $89.009) Fuel ($30.00) Airport fees ($860 + $33.009) Aircraft depreciation ($8.009) office expenses ($200 + $1.002) Total expense 8,468 8,506 8,328 1,790 1,620 1,560 2,542 2,642 2,576 432 432 416 422 254 252 13,654 13,454 13,132 $ 2,746 $ 5,716 $ 5,328 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 Actual Results Planning Budget 52 Flights 54 54 Revenue $ 16,400 $ 19,170 $ 18,460 Expenses: Wages and salaries 8,468 8,506 8,328 Fuel 1,790 1,620 1,560 Airport fees 2,542 2,642 2,576 Aircraft depreciation 432 432 416 Office expenses 422 254 252 Total expense 13,454 13,654 2,746 13,132 5,328 Net operating income $ 5,716 $