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 56 $19,600 Planning Budget 54 $ 18,900 Vulcan Flyovers Operating Data For the Month Ended July 31 Actual Results Flights (9) 56 Revenue ($350.000) $16,100 Expenses Wages and salaries ($3,300 + $88.00q) 8,192 Fuel ($31.00) 1,904 Airport fees ($830 + $35.00) 2,660 Aircraft depreciation ($9.00) 504 Office expenses ($220 + $1.000) 444 Total expense 13,704 Net operating income $ 2,396 8,228 1,736 2,790 504 8,052 1,674 2,720 486 274 13,206 $ 5,694 276 13,534 $ 6,066 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