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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 Planning Results Budget Variances 155 150 ook Lessons 536,920 $ 36,000 5-9201 Print Revenge Expenses Instructor wages Aircraft depreciation Fuel Maintenance Ground facility expenses Administration Total expense Net operating Income Ferences 9,870 9,750 120 U 4.960 4.800 160 U 2,470 1.950 520 U 2,280 2.160 1200 1.680 1/700 207 3,640 3.520 80 24,200 23,880 820 U $ 12.20 $12.120 5 100 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 is the number of lessons sold Cont Formula 02404 0650 932 Revenue Instructor ago Aircraft depreciation Fuel Maintenance rond tality expenses Ministration 9114 5510 5119 $1,250 - 3 63,220 . $24 eBook 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 (ie, 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 Results Budget Budget 155 150 References Lessons $ 30,920 $ 30.000 Revenue Expenses Instructor wages Aircraft depreciation Fuel Maintenance Ground facility expenses Administration Total expense Net operating Income 9,870 4.900 2470 2.280 1.680 3,440 9.750 4.800 1,950 2. 160 1,700 3,520 23,880 $ 12.120 24,700 $ 12.220