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 Budget Budget 60 Results Flights (g) 60 58 $16,100 $20,700 $20,010 Revenue ($345.00g) Expenses: Wages and salaries ($3,100 + $85.00g) Fuel ($31.00g) Airport fees ($870 + $35.00g) Aircraft depreciation ($10.00g) Office expenses ($240 + $1.00g) Total expense 8,170 2,028 2,860 600 8,200 1,860 2,970 600 8,030 1,798 2,900 580 468 300 13,930 298 13,606 14,126 $ 1,974 $ 6,770 $ 6,404 Net operating income 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 58 Flights 60 60 20,010 16,100 Revenue 20,700 Expenses: 8,170 8,200 8,030 Wages and salaries 2,028 Fuel 1,798 1,860 2,900 2,860 600 Airport fees 2,970 600 580 Aircraft depreciation Office expenses 468 300 298 Total expense 14,126 13,930 13,606 1,974 2$ 2$ 6,770 2$ 6,404 Net operating income