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 5959 57 Flights (9) $ 16,400 $ 20,650 $ 19,950 Revenue ($350.000) Expenses: Wages and salaries ($3,400 + $87.000) Fuel ($32.009) Airport fees ($860 + $31.009) Aircraft depreciation ($8.00) Office expenses ($240 + $1.009) Total expense Net operating income 8,499 2,054 2,564 472 467 14,056 2,344 $ 8,533 1,888 2,689 472 299 13,881 6,769 $ 8,359 1,824 2,627 456 297 13,563 6,387 $ 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 Flights 59 Revenue $ 16,400 | $ 20,650 19,950 8,359 1,824 Expenses: Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses Total expense Net operating income 2,627 8,499 2,054 2,564 472 467 14,056 2,344 8,533 1,888 2,689 472 456 299 297 13,881 6,769 13,563 6,387 $ IS $