Answer options for actual results/flexible budget: "activity variances" or "revenue and spending variances"

Required: 2. Complete the flexible budget performance 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 155 Flexible Planning Budget Budget Lessons 150 Revenue $ 36,970 $ 36,000 Expenses: Instructor wages Aircraft depreciation 9,920 9,750 4,805 4,650 Fuel 3,270 2,700 Maintenance 2,530 2,360 2,205 2,250 Ground facility expenses Administration 3,815 3,920 Total expense 26,545 25,630 $ 10,370 Net operating income $ 10,425