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 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 (g) 57 57 $16,200 19,380 $ 18,700 Revenue ($340.00q) Expenses: Wages and salaries ($3,000 $85.00g) Fuel ($33.00g) Airport fees ($810 + $35.00q) Aircraft depreciation 9.00q) Office expenses ($210+ $1.00g) Total expense 7,845 1,881 2,805 513 7,675 1,815 2,735 7,815 2,045 2,675 513 435 495 265 267 13,483 13,311 12,985 $ 2,717 6,069 5,715 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 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 Planning Budget Actual Results Flights 57 57 $ 16,200 19,380 Revenue 18,700 Expenses Wages and salaries 7,815 7,845 7,675 Fuel 1,881 1,815 2,045 Airport fees 2,675 2,735 2,805 495 Aircraft depreciation 513 513 Office expenses 435 267 265 Total expense 13,483 13,311 12,985 6,069 2,717 5,715 Net operating income