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 61 61 Flights (9) 59 $ 16,400 $ 21,655 $ 20,945 Revenue ($355.000) Expenses: Wages and salaries ($3,100 + $88.00) Fuel ($30.009) Airport fees ($820 + $32.00) Aircraft depreciation ($9.009) Office expenses ($210 + $1.009) Total expense Net operating income 8,432 8,468 8,292 2,000 1,830 1,770 2,662 2,772 2, 708 549 549 531 439 271 269 14,082 13,890 13,570 $ 2,318 $ 7,765 $ 7,375 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 61 Actual Results Planning Budget 59 Flights 61 Revenue $ 16,400 $ 21,655 $ 20,945 Expenses: Wages and salaries Fuel 8,432 8,468 8,292 2,000 1,830 1,770 2,772 2,708 2,662 549 549 Airport fees Aircraft depreciation Office expenses Total expense Net operating income 439 271 13,890 531 269 13,570 14,082 $ 2,318 $ 7,765 $ 7,375