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 54 54 52 Flights (9) $ 16,100 $ 18,900 $ 18, 200 Revenue ($350.000) Expenses: Wages and salaries ($3,800 + $88.009) Fuel ($33.009) Airport fees ($880 + $31.000) Aircraft depreciation ($10.089) Office expenses ($230 + $1.009) Total expense Net operating income 8,516 1,946 2,444 540 452 13,898 2,202 $ 8,552 1,782 2,554 540 284 13,712 5,188 $ 8,376 1,716 2,492 520 282 13,386 4,814 $ 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 (.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 54 Planning Budget Flights 54 $ 16,100 $ 18,900 $ 18,200 Revenue Expenses: Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses Total expense Net operating income 8,516 1,946 2,444 540 8,552 1,782 2,554 540 284 13,712 5,188 8,376 1,716 2.492 520 452 282 13,898 2,2021 13,386 4,814 $ $