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 points Vulcan Flyovers Operating Data For the Month Ended July 31 Actual Results Flexible Planning Budget Budget Book Flights (9) $ 16,100 $ 19,950 $ 19,250 B ences Revenue ($350.000) Expenses: Wages and salaries (53,500 + $89.00) Fuel ($34.000) Airport fees ($820 + $32.009) Aircraft depreciation ($10.000) Office expenses ($210 $1.000) Total expense Net operating income 8,535 2.100 2,534 570 435 14,174 1,926 8,573 1.938 2,644 570 267 13,992 5.958 8.395 1.870 2.500 550 265 13,660 5,590 $ $ $ 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 os positive values.)