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 ResultsBudget Budget 57 Flights (q) 59 59 $16,400 $20,060 $19,380 Revenue ($340.00q) Expenses: Wages and salaries ($3,300 $86.00q) 8,342 8,374 8,202 2,111 1,947 1,881 2,627 2,767 2,701 570 297 14,137 13,977 13,651 $ 2,263 6,083 $ 5,729 Fuel ($33.00q) Airport fees ($820 $33.00q) Aircraft depreciation ($10.00q) Office expenses ($240 $1.00q) 590 467 590 299 Total expense 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.) Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget Planning Budget Actual Ret Flights 59 59 57 Revenue 16,400 20,060 19,380 Expenses Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses 8,342 2,111 2,627 590 467 14,137 2,263 8,374 1,947 2,767 590 299 13,977 6,083 8,202 1,881 2,701 570 297 13,651 5,729 Total expense Net operating income