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 53 53 51 Flights (9) $ 16,500 $ 18,550 $ 17,850 Revenue ($350.009) Expenses: Wages and salaries ($3,500 + $87.00g) Fuel ($31.009) Airport fees ($810 + $30.009) Aircraft depreciation ($8.009) Office expenses ($200 + $1.00g) Total expense Net operating income 8,077 8,111 7,937 1,811 1,643 1,581 2,295 2,400 2,340 424 424 408 421 253 251 13,028 12,831 12,517 $ 3,472 $ 5,719 $ 5,333 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. 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 51 Flights 53 53 Revenue $ 16,500 $ 18,550 $ 17,850 8,077 1,811 8,111 1,643 2,400 424 7,937 1,581 2,340 Expenses: Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses Total expense Net operating income 2,295 424 408 421 253 251 12,517 13,028 3,472 12,831 5,719 $ GA $ $ 5,333