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 Flights (q) 61 61 59 Revenue ($355.009) $ 16,300 $21,655 $20.945 Expenses: Wages and salaries ($3,300 + $88.00) 8,632 8,668 8,492 Fuel ($34.00) 2,236 2,074 2,086 Airport fees ($800 + $34.089) 2,759 2,874 2,806 Aircraft depreciation ($11.6) 671 671 649 Office expenses ($230 + $1.689) 459 289 Total expense 14,757 14,578 14,242 Net operating income $ 1,543 $ 7,077 $ 6,783 291 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 "P" 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 Budget Actual Results Flights Planning Budget 59 61 61 $ 16,300 $ 21,655 $ 20,945 8.668 2,074 Revenue Expenses Wages and salaries Fuel Airport fees Aircraft depreciation Ofic expenses Total expense Net operating income 8.492 2006 8,632 2.236 2.759 671 459 2,806 649 2,874 671 291 14,578 7.077 209 14,757 $ 1,543 $ 14.242 6,703 $