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 58 58 56 Flights (9) $ 16,400 $ 20,010 $ 19,320 Revenue ($345.00g) Expenses: Wages and salaries ($3,700 + $88.009) Fuel ($32.009) Airport fees ($840 + $33.009) Aircraft depreciation ($9.00) office expenses ($210 + $1.00q) Total expense 8,768 8,804 2,022 1,856 2,624 2,754 522 522 436 268 14,372 14,204 $ 2,028 $ 5,806 8,628 1,792 2,688 504 266 13,878 $ 5,442 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 Flights 58 56 Revenue $ 16,400 $ 20,010 $ 19,320 Expenses: Wages and salaries 8,804 8,768 2,022 Fuel 1,856 2,754 8,628 1,792 2,688 Airport fees 2,624 522 522 504 268 Aircraft depreciation Office expenses Total expense Net operating income 436 14,372 2,028 14,204 266 13,878 5,442 $ $ 5,806 $