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 Flexible Planning Actual Results Budget Budget Flights (q) 61 61 59 16, 200 21,045 $ 20,355 Revenue ($345.00q) Expenses: Wages and salaries ($3,000 + $92.00q) Fuel ($31.00q) Airport fees ($810 $32.009) Aircraft depreciation ($10.00q) Office expenses ($220 + $1.00q) Total expense 8,568 2,059 2,642 8,428 1,829 2,698 8,612 1,891 2,762 610 610 590 449 281 279 14,156 1,872 $ 6,889 $ 6,531 14,328 13,824 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 effeect (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 Actual Results Budget Flights 61 61 59 Revenue $ $ 16,200 21,045 20,355 Expenses: Wages and salaries 8,568 8,612 8,428 2,059 1,891 1,829 Fuel Airport fees 2,642 2,762 2,698 Aircraft depreciation 610 610 590 Office expenses 449 281 279 13,824 Total expense 14,156 14,328 1,872 Net operating income $ $ $ 6,889 6,531