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) 57 57 55 Revenue ($360.000) $16,200 $20,520 $19,800 Expenses: Wages and salaries (53,100 + $91.00g) 8,245 8,287 8,105 Fuel ($32.000) 1,990 1,824 1,760 Airport fees ($800 + $32.009) 2,504 2,624 2,560 Aircraft depreciation ($8.000) 456 456 440 Office expenses ($250 + $1.000) 475 307 305 Total expense 13,670 13,498 13,170 Net operating income $ 2,530 $ 7,022 $ 6,630 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