For the Daring is a helicopter company that offers daring flights inside the walls of the Grand Canyon. You have been given the following data about the company's operations in July: Operating Data For the Month Ended July 31 Actual Results Flexible Budget 53 Planning Budget 51 Flights (q) Revenue ($340.00q) Expenses: Wages and salaries ($3,200 $89.00q) Fuel ($31.00q) Airport fees ($850 $31.00q) Aircraft depreciation ($11.00q) Office expenses ($210 + $1.00q) Total expense 53 $ 16,200 $ 18,020 $ 17,340 7,879 1,811 2,358 583 431 7,917 1,643 2,493 583 263 12,899 7,739 1,581 2,431 561 261 12,573 13,062 3,138 $ S 5,121 $ Net operating income 4,767 The helicopter company measures its activity in terms of flights. Two options are available for custom ers. They can buy individual tickets for helicopter flights or, if they have a large party or like solitude, they can hire an entire chopper for a flight 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.) For the Daring Flexible Budget Performance Report For the Month Ended July 31 Activity Variances Revenue and Spending Variances Revenue Expenses Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses Total expense Net operating income