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) 60 60 58 Revenue ($360.000) $16.200 S21,600 $20.880 Expenses Wages and salaries ($3,200 + 586.000) 8.328 8,360 8,188 Fuel (S32.000) 2,086 1.920 1.856 Airport fees (5840 + $34.00g) 2.775 2.880 2.812 Aircraft depreciation (510.000) 600 600 580 Office expenses (5250 + $1.000) 478 310 308 Total expense 14.267 14,070 13.744 Net operating income $ 1.933 S 7.530 S S 7,136 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