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 FlexiblePlanning Results Budget Budget Flights (9) 58 58 56 Revenue ($360.000) $16,200 $20,880 $20,160 Expenses: Wages and salaries ($3,300 + $91.909) 8,536 8,578 8,396 Fuel ($34.089) 2,134 1,972 1,904 Airport fees ($880 + $38.989) 2,500 2,620 2,560 Aircraft depreciation ($10.00) 580 580 560 Office expenses ($210 + $1.999) 436 268 266 Total expense 14,186 14,018 13,686 Net operating income $ 2,014 $ 6,862 $ 6,474 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 (.e., zero variance). Input all amounts as positive values.) Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Actual Flexible Results Budget 58 58 Planning Budget 56 Flights $ 16,200 $ 20,880 S 20,160 8,578 8,536 2,134 2,500 Revenue Expenses: Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses Total expense Net operating income 8,396 1,904 2,560 1.972 2,620 580 580 560 436 14,186 268 14,018 6,862 266 13,686 6,474 $ 2,014 $ S