7 points Kentucky Kats offers pilot training classes. Data concerning the company's operations appear below. The company measures its activity in terms of flights in July Kentucky Kats Operating Dat Actual Result 85 $23,800 Flights (q 85 Revenue ($275.00q) Expenses: Wages and salaries ($4,500+ $85.00q) Fuel ($44.00q) Airport fees ($750+ $25.00q) Aircraft depreciation ($21.00q) Office expenses ($360+ $2.00q) 11,700 3,800 2,875 1,785 11.725 3,740 2,875 1.785 11,980 3,872 2,950 1,848 536 21.186 $3,01 30 Total expense 20.715 20.655 t operating income S 3,085 S 2,720 Required Prepare a flexible budget performance report (table provided below) for July that includes revenue and spending variances and activity variances