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 Planning Results Budget Budget Flights (9) 52 52 50 Revenue ($350.000) $16,200 $18,200 $17,500 Expenses: Wages and salaries ($3,200 + $90.000) 7,840 7,880 7,700 Fuel (533.00) 1,880 1,716 1,650 Airport fees ($820 + $31.000) 2,292 2,432 2,370 Aircraft depreciation ($11.009) 572 572 550 Office expenses ($230 + $1.000) 450 282 280 Total expense 13,034 12.882 12.550 Net operating income $ 3,166 $ 5,318 $ 4,950 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 U F U U Revenue Expenses: Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses Total expense Net operating income F U None U U U U U U F