Exercise 9-4 (Algo) Prepare a Flexible Budget Performance Report [LO9-4] 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 Results Flexible Budget Planning Budget Flights (q) 56 56 54 Revenue ($355.00q) $ 16,000 $ 19,880 $ 19,170 Expenses: Wages and salaries ($3,100 + $88.00q) 7,992 8,028 7,852 Fuel ($30.00q) 1,850 1,680 1,620 Airport fees ($890 + $33.00q) 2,608 2,738 2,672 Aircraft depreciation ($9.00q) 504 504 486 Office expenses ($240 + $1.00q) 464 296 294 Total expense 13,418 13,246 12,924 Net operating income $ 2,582 $ 6,634 $ 6,246 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.)