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) 60 60 58 Revenue ($345.00q) $ 16,300 $ 20,700 $ 20,010 Expenses: Wages and salaries ($3,100 + $90.00q) 8,460 8,500 8,320 Fuel ($31.00q) 2,028 1,860 1,798 Airport fees ($810 + $32.00q) 2,625 2,730 2,666 Aircraft depreciation ($10.00q) 600 600 580 Office expenses ($200 + $1.00q) 428 260 258 Total expense 14,141 13,950 13,622 Net operating income $ 2,159 $ 6,750 $ 6,388 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.)