Vulcan Flyovers Operating Data For the Month Ended July 31 Flights (q) Revenue ($355.00q) Expenses: Wages and salaries ($3,200 + $87.00q) Fuel ($32.009) Airport fees ($860 + $33.009) Aircraft depreciation ($8.009) Office expenses ($240 + $1.00q) Total expenses Net operating income Actual Results Flexible Budget Planning Budget 57 57 55 $ 16,300 $ 20,235 $ 19,525 8,125 8,159 7,985 1,990 1,824 1,760 2,626 2,741 2,675 456 456 440 465 13,662 297 295 13,477 13,155 $ 2,638 $ 6,758 $ 6,370 The company measures its activity in terms of flights. Customers can buy individual tickets for overflights or hire an entire plane at a discount. Required: 1. Prepare a flexible budget performance report for July. Note: 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 Flights Revenue Actual Results 57 $ 16,300 Flexible Budget Performance Report For the Month ended July 31 Flexible Budget Planning Budget 57 55 $ 20,235 $ 19,525 Expenses: Wages and salaries 8,125 8,159 7,985 Fuel 1,990 1,824 1,760 Airport fees 2,626 2,741 2,675 Aircraft depreciation 456 456 440 Office expenses 465 297 295 Total expenses 13,662 13,477 13,155 Net operating income $ 2,638 $ 6,758 $ 6,370