BLEM 10-19 Critique a Report; Prepare a Performance Report [L01, L04, L06] Top Flight School offers flying lessons at a small municipal airport. The school's owner and ager has been attempting to evaluate performance and control costs using a variance report that apares the planning budget to actual results. A recent variance report appears below: er several months of using such variance reports, the owner has become frustrated. For example, is quite confident that instructor wages were very tightly controlled in July, but the report ws an unfavorable variance. The planning budget was developed using the following formulas, where q is the number of ons sold: Chapter 10 Required: 1. Should the owner feel frustrated with the variance reports? Explain. 2. Prepare a flexible budget performance report for the school for July. 3. Evaluate the school's performance for July