Vulcan Flyovers offers scenic overtlights 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 52 52 SO Fights (0) $16,000 $10, 460 $17,750 Revenue (5355.000) Expenses: Wages and salaries ($3,700 + 386.000) Yael (532.000 Airport fees (5830 + 633.009) Asterart depreciation ($11.009) orice expenses ($220 + 52.009) Total expense Net operating income 3.140 8.272 B.000 1,339 1,664 1,600 2,392 2,526 2,460 372 572 550 140 272 270 13373 13, 206 12,880 $ 2,627 $5,254 54.970 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 52 Actual Results Flights 52 Planning Budget 50 Revenue Expenses $ 16.000 $ 18.450 $ 17.750