Flexible Budget 56 $19,320 Planning Budget 54 $18,630 Vulcan Flyovers Operating Data For the Month Ended July 31 Actual Results Flights (9) 56 Revenue ($345.00q) $16,200 Expenses Wages and salaries ($3,600 + $92.009) 8.708 Fuel ($33.009) 2,012 Airport fees ($840 + $35.009) 2,685 Aircraft depreciation ($11.009) 616 Office expenses ($210 + $1.009) 434 Total expense 14,455 Net operating income $ 1,745 8,752 1,848 2,800 616 8,568 1,782 2,730 594 264 13,938 $ 4,692 266 14,282 $ 5,038 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. Complete the flexible budget performance report abstract for July (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 Revenue and Spending Variances Activity Variances Revenue Expenses Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses Total expense Net operating income