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 48 Flexible Planning Budget Budget 48 se Flights (9) $ 13,650 $ 15,360 $ 16,000 8.430 1,260 2,350 7,936 1.104 8.100 1.150 2.474 Revenue ($320.00) Expenses! Wages and salaries (54,600 + $82.889) Fuel ($23.00) Airport fees ($650 + $38.809) Aircraft depreciation (57.809) Office expenses ($190 + $2.689) Total expense Net operating income 12,836 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 50 Flights Revenue 13,650 $ 16.000 Expenses Wages and salaries 8.100 1.150 Fuel 8,430 1,260_ 2,350 336 460 12,836 8141 2,550 350 290 Alrport fees Aircraft depreciation Office expenses Total expense Net operating income 12 440 S 3560