2 1 points Check my work TipTop Flight School offers flying lessons at a small municipal airport. The school's owner and manager has been attempting to evaluate performance and control costs using a variance report that compares the planning budget to actual results. A recent variance report appears below; TipTop Flight School. Variance Report For the Month Ended July 31 Actual Results Lessons eBook Revenue Print Expenses: Instructor wages References Mc Graw Hill Aircraft depreciation Fuel Maintenance Ground facility expenses Administration Total expense Net operating income Planning Budget Variances 175 170 $ 38,350 $ 37,400 $ 950 F 9,500 9,350 150 U 6,650 6,460 190 U 3,270 2,720 550 U 2,398 2,240 150 U 1,875 1,910 35 F 3,525 3,628 95 F 27,210 26,300 910 U $ 11,140 $ 11,100 $40 F After several months of using these reports, the owner has become frustrated. For example, she is quite confident that instructor wages were very tightly controlled in July, but the report shows an unfavorable variance. The planning budget was developed using the following formulas, where q is the number of lessons sold: < Prev 1 of 5 Next > 1 After several months of using these reports, the owner has become frustrated. For example, she is quite confident that instructor wages were very tightly controlled in July, but the report shows an unfavorable variance. The planning budget was developed using the following formulas, where q is the number of lessons sold: ints eBook Printi References Revenue Instructor wages Aircraft depreciation Cost Formulas $2200 $550 $380 $160 $540 + $100 Ground facility expenses Administration $1,400 +$30 $3,280 $20 Fuel Maintenance Required: 2.Complete the flexible budget performance report for the school for July. Note: 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. Tip Top Flight School Flexible Budget Performance Report For the Month Ended July 31 Actual Flexible Planning 1 Tip Top Flight School Flexible Budget Performance Report For the Month Ended July 31 Book Lessons Revenue Expenses: Actual Results: 175 $ 38,350 Print Instructor wages 9,500 erences Aircraft depreciation 6,650 Fuel 3,270 Maintenance 2,390 Ground facility expenses 1,875 Administration 3,525 Total expense 27.210 Net operating income $ 11,140 Flexible Budget Planning Budget 170 $ 37,400 9,350 6,460 2,720 2,240 1,910 3,620 26,300 $ 11,100 Check my