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: Flexible Budget 53 $18,550 Planning Budget 51 $17,850 Vulcan Flyovers Operating Data For the Month Ended July 31 Actual Results Flights (9) 53 Revenue ($350.009) $ 16,200 Expenses: Wages and salaries ($3,100 + $89.009) 7,779 Fuel ($34.009) 1,964 Airport fees ($860 + $30.009) 2,325 Aircraft depreciation ($9.009) 477 Office expenses ($230 + $1.009) 451 Total expense 12.996 Net operating income $ 3,204 7.817 1,802 2,450 477 283 12.829 $ 5,721 7.639 1,734 2.390 459 281 12,503 $ 5,347 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