Planning 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 Flexible Results Budget Budget Flights (9) 62 62 60 Revenue ($360.000) $16,200 $22,320 $21,600 Expenses Wages and salaries ($3,600 $66.004) 8,900 8,932 8,760 Fuel ($32.009) 2,150 1,984 1,920 Airport fees ($890 + $33.00) 2.795 2,936 2,870 Aircraft depreciation (S8.009) 495 496 480 Office expenses ($240 - $1.000) 470 302 Total expense 14,812 14,650 14,330 Net operating income $ 1,388 $ 7,670 $ 7.270 300 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 $ 62 Activity Variances 8,900 Revenue Expenses: Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses Total expense Net operating income