Check my wo 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 Fight School Variance Report For the Month Ended July 31 Actual Results 225 Lessons planning Budget 220 Variances $ 60,400 $ 59,400 $1,000 Revenue Expenses: Instructor wages Aircraft depreciation Fuel Maintenance Ground facility expenses Administration Total expense Net operating income 17,800 17,600 7,650 7,480 4,340 3,740 3,650 3,450 2,470 2,530 3,960 4,810 39,870 38,840 $ 20,510 520,560 200 1700 000 200 W 60 F sar 1.030 U 30F 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 July, but the report shows an unfavorable variance The planning budget was developed using the following formulas, where is the number of lessons sold: Revenue Instructor wages Aircraft depreciation Fuel Maintenance Ground facility expenses Administration Cost Formulas $2709 $809 $349 $179 $590 + $139 $1,650 + $49 $3,380 + $39 Required: 2. Complete the flexible budget performance report for the favorable, "U" for unfavorable, and "None" for no effect (i. Tip Top Flight School Flexible Budget Performance Repo . 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 225 Flexible Budget Planning Budget 220 Lessons $ 60,400 $ 59,400 Revenue Expenses Instructor wages Aircraft depreciation Fuel Maintenance Ground facility expenses Administration Total expense Net operating income $ 17,800 7,650 4,340 3,650 2,470 3,860 39,870 $ 20,5301 17,600 7,480 3,740 3,450 2,530 4,040 38,840 $ 20,560