Vulcan Flyovers Operating Data For the Month Ended July 31 Actual Flexible Planning Results Budget Budget Flights (9) 57 57 55 Revenue ($350.000) $ 16,100 $19,950 $ 19,250 Expenses Wages and salaries ($3,600 + $87.000) 8,525 3,559 8,385 Fuel ($33.009) 2,045 1,881 1,815 Airport fees ($880 + $34.009) 2.683 2,818 2,750 Aircraft depreciation (S8.000) 456 456 440 Office expenses ($230 + $1.000) 455 287 285 Total expense 14,164 14.001 13.675 Net operating income $ 1,936 $ 5,949 $ 5,575 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