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 56 54 Flights (9) 56 $ 16,300 $19,880 $19,170 Revenue ($355.009) Expenses : Wages and salaries ($3,200 + $88.00) Fuel ($33.009) Airport fees ($840 + $32.009) Aircraft depreciation ($10.00) office expenses ($200 + $1.000) Total expense Net operating income 8,092 8,128 7,952 2,012 1,848 1,782 2,497 2,632 2,568 560 560 540 424 256 254 13,585 13,424 13,096 $ 2,715 $ 6,456 $ 6,074 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 Planning Budget Budget Flights 56 Actual Results 56 54 $ 16,300 $ 19,880 $ 19,170 8,092 2,012 Revenue Expenses: Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses Total expense Net operating income 2.497 560 424 13,585 2,715 8,128 1,848 2,632 560 256 13.424 6,456 7,952 1,782 2,568 540 254 13,096 6,074 $ $ $