Vulcan Flyovers offers scenic overftlghts 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 Flights (q) Revenue ($355.00g) Results Budget Budget 56 S16,400 $20,590 $19,880 58 58 Wages and saiaries ($3,400 $91.00g) Fuel ($32.00q) Airport fees ($810 $32.00q) Aircraft depreciation ($11.00q) Office expenses ($230+$1.00q) 8,636 8,678 8,496 2,022 ,856 1,792 2,526 2,666 2,602 616 286 14,278 14,126 13,792 638 456 638 288 Total expense Net operating income $ 2,122 S 6,464 S 6088 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.) Flexible Budget Performance Report For the Month Ended July 31 Revenue and Spending Variances Activity Variances 16,400 Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses Total expense Net operating income