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 Results Flexible Budget 48 $ 15,360 Planning Budget 50 $ 16,000 48 Flights (9) Revenue ($320.00) $ 13,650 Expenses: Wages and salaries ($4,000 + $82.00g) Fuel ($23.009) Airport fees ($650 + $38.009) Aircraft depreciation ($7.000) Office expenses ($190 + $2.000) 8,430 1,260 2,350 336 460 7,936 1,104 2,474 336 286 8,100 1,150 2,550 350 290 Total expense 12,836 12,136 12,440 Net operating income $ 814 $ 3,224 $ 3.560 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