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 Flyover's Operating Data For the Month Ended July 31 Actual Flexible Planning Results Budget Budget Flights (9) 60 60 58 $ 16,200 $ 28,780 $ 20,010 Revenue (5345.884) Expenses: Wages and salaries ($3,100 - $87.889) Fuel ($31.264) Airport fees ($878 + $30.ee) Aircraft depreciation (510.08) Office expenses ($210 + $1.889) Total expense Net operating income 8.286 8,320 8,146 2,028 1,860 1,798 2,565 2,670 2,610 660 600 580 438 270 268 13,917 13,720 13,482 $ 2,283 $ 6,98$ 6,688 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 (Le.. zero varlance). Input all amounts as positive values.) Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget Actual Results Planning Budget 58 Flights 60 60 Revenue $ 16,200 S 20,700 $ 20.010 8.286 8,320 2,028 1,880 Expenses: Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses 8,146 1.798 2,610 580 2,670 2.565 800 438 800 270 268 Total expense 13,917 2.283 13,720 6,980 13,402 6,608 Net operating income $ S S