Vulcan Flyovers offers scenic overlights 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 Yor the Month Ended July 31 Actual Plexible Planning Resulta Budget Budget 45 50 Flights to $13,650 $ 15.360516,000 Revenue ($320.009) Expenson Wages and salaries (54,000 + $82.009) Fuel (523.009) Airport fees ($650 - $38.00) Abreraft depreciation (57.000) orice expenses (5190 + 32.009) Total expense Not operating income 8, 420 7,936 8,100 1,260 1,104 1,150 2,350 2,474 2.550 336 336 350 286 290 12.136 12,136 12,480 $ 3145 3,224 5 3.560 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 (1.e., zero variance). Input all amounts as positive values.) Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget 48 Actual Results 48 Flights Planning Budget 50 $ 13,650 $ 15,360 $ Revenue Expenses Wages and salarios 16,000 Fuel 8,430 1.260 7,936 1,104 8,100 1,150 2,350 2,474 2,550 336 336 350 Airport foos Aircraft depreciation Office expenses Total expense Not operating income 460 286 290 12,836 814 $ 12,136 3,224 $ $ 12,440 3,560