Vulcan Flyovers offers scenic overflights of Mount St. Helens, the volcano in Washington State that explosively erupted in 1982. Data concerning the companys operations in July appear below: Vulcan Flyovers Operating Data For the Month Ended July 31 Actual Results Flexible Budget Planning Budget Flights (q) 57 57 55 Revenue ($355.00q) $ 16,300 $ 20,235 $ 19,525 Expenses: Wages and salaries ($3,600 + $91.00q) 8,745 8,787 8,605 Fuel ($34.00q) 2,100 1,938 1,870 Airport fees ($820 + $32.00q) 2,499 2,644 2,580 Aircraft depreciation ($11.00q) 627 627 605 Office expenses ($240 + $1.00q) 465 297 295 Total expense 14,436 14,293 13,955 Net operating income $ 1,864 $ 5,942 $ 5,570 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.)