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 Results 56 Flexible Planning Budget Budget 56 54 Flights (9) $ 16,300 $ 19,600 $ 18,900 Revenue ($350.009) Expenses: Wages and salaries ($3,500 + $90.009) Fuel ($32.009) Airport fees ($820 + $35.00q) Aircraft depreciation ($11.009) Office expenses ($230 + $1.007) Total expense 8,500 8,540 8,360 1,958 1,792 1,728 2,635 2,780 2,710 616 616 594 454 286 284 14,163 14,014 13,676 $ 2,137 $ 5,586 $ 5,224 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 Actual Results Planning Budget 54 Flights 56 56 Revenue $ 16,300 $ 19,600 $ 18,900 Expenses: Wages and salaries 8,500 8,540 8,360 Fuel 1,958 1,792 1,728 Airport fees 2,635 2,780 2,710 Aircraft depreciation 616 616 594 Office expenses 454 286 284 Total expense 14,163 14,014 13,676 Net operating income $ 2,137 $ $ 5,586 $ 5,224