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 61 Flexible Planning Budget Budget 61 59 Flights (9) $ 16,500 $ 20,740 $ 20,060 Revenue ($340.007) Expenses: Wages and salaries ($3,400 + $88.009) Fuel ($30.009) Airport fees ($840 + $31.009) Aircraft depreciation ($9.009) Office expenses ($210 + $1.009) Total expense 8,732 8,768 8,592 2,000 1,830 1,770 2,601 2,731 2,669 549 549 531 439 271 269 14,321 14,149 13,831 $ 2,179 $ 6,591 $ 6,229 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 61 Actual Results Planning Budget 59 Flights 61 Revenue $ 16,500 $ 20,740 $ $ 20,060 Expenses: Wages and salaries 8,732 8,768 8,592 Fuel 2,000 1,830 1,770 Airport fees 2,601 2,731 2,669 Aircraft depreciation 549 549 531 Office expenses 439 271 269 Total expense 14,321 13,831 14,149 6,591 Net operating income $ 2,179 $ $ 6,229