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 55 55 Flights (q) 5 53 $ 16,200 $ 18,975 $ 18,285 Revenue $345.009) Expenses: Wages and salaries ($3,600 + $92.009) Fuel ($30.009) Airport fees ($820 + $34.00q) Aircraft depreciation ($10.009) Office expenses ($250 + $1.009) Total expense Net operating income 8,616 8,660 8,476 1,820 1,650 1,590 2,540 2,690 2,622 550 550 530 473 305 303 13, 99913,855 13,521 $ 2,201 $ 5,120 $ 4,764 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 Actual Results Planning Budget 53 Flights 55 55 Revenue | $ 16,200 $ 18,975 $ 18,285 Expenses: Wages and salaries 8,616 8,660 1,650 Fuel 1,820 8,476 1,590 2,622 Airport fees 2,540 2,690 Aircraft depreciation 550 550 530 473 303 Office expenses Total expense Net operating income 13,999 2,201 305 13,855 5,120 13,521 4,764 $ $ $