Vulcan Flyovers offers scenic overflights of Mount St. Helens, the volcano in Washington State that explosively erupted in 1982. Data concerning the companys operations in July appear below:

Vulcan Flyovers
Operating Data
For the Month Ended July 31
	Actual Results		Flexible Budget		Planning Budget
Flights (q)		58		58		56
Revenue ($340.00q)	$	16,300	$	19,720	$	19,040
Expenses:
Wages and salaries ($3,600 + $89.00q)		8,724		8,762		8,584
Fuel ($33.00q)		2,078		1,914		1,848
Airport fees ($840 + $35.00q)		2,745		2,870		2,800
Aircraft depreciation ($10.00q)		580		580		560
Office expenses ($220 + $1.00q)		446		278		276
Total expense		14,573		14,404		14,068
Net operating income	$	1,727	$	5,316	$	4,972

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.)

all amounts as positive values.) Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget Actual Results Planning Budget 56 Flights 58 Revenue $ 16,300 $ 19,720 $ 19,040 Expenses: Wages and salaries 8,584 1,848 Fuel Airport fees Aircraft depreciation Office expenses Total expense Net operating income 8,724 2,078 | 2,745 580 446 14,573 1,7271 8,762 1,914 2,870 580 278 14,404 5,316 2,800 560 276 14,068 4,972 $ $ $