3 Tiptop Flight School offers flying lessons at a small municipal a por: The school's owner and manager has been attempting to Valuule performance and control costs using a variance report but compares the planning buugello ucluiul Tesalls. A lccuni vuriunde Tcpoilu Opeurs below: 16.68 points TipTop Flight School Variance Report For the Month inden duly 31 Actual Presults 175 Poring Budget 170 Variances eBook L 536,642 5 35,72 943 Front 518 U Revenue Lxpenses Instructor was Aircraft depreciulie Fuel Haintenance Ground Paclity expenses Administration total ampansa Net operating inconc 8,640 8,500 149 U 6,300 6,126 183 U 2,128 1,870 2,638 1,890 143 U 1,6GC 1,690 Jel- 3.340 3,4 JU 90 24,300 850 U 5 12,260 $ 12,200 $ 88 References 23,5 After several months of using these reports, the owner has become frustrated. For example, she is quite confident that instructor wares were very tightly controlled in July, but the report shows an unfavorable variance The planning tsudget wis cew:rspoed using the following formulas, where is the number of lessons sale: eBook Print Revenue Instructor wages Aircraft depreciation Fuel Maintenance Ground facility expenses Administration Cost Formulas $2109 $509 $369 $119 $539 + $89 $1,350 + $29 $3,260 + $19 ol References Required: 2. Complete the flexible budget pertormance report for the school 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.) Tip Top Flight School Flexible Budget Performance Report For the Month Ended July 31 Actual Results 175 Flexible Budget Planning Budget 170 Lessons Rovenud es $ 38,640 S 35,700 8,640 6,300 7,410 Expenses Instructor wages Aircraft depreciation Fuel Maintenance Ground facility expenses Administration Totul excuse 2030 1,660 3,340 21,380 3 12,200 8,500 6,120 1870 1.890 1,600 3,430 23,500 S 12,200 Not operating income