4. Sandpipers 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. The bookkeeper for the company has been asked to prepare a report for the company to help its owner/ manager analyze its performance. A recent variance report prepared by the bookkeeper is appeared below: After several months of using such variance reports, the owner has become frustrated. For example, she is quite confident that instructor wages were very tightly controlled in August, but the report shows an unfavorable variance. The planning budget was developed using the following formulas, where q is the number of lessons sold: Required: 1. Prepare a flexible budget performance report that shows both activity variances and revenue and spending variances for the Sandpipers Flight School for August. (7 marks) 2. Refer to the report prepared in (I) above. Evaluate the school's performance for August