Check my wor 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 Results Lessons Revenue Expenses: Instructor wages Aircraft depreciation Fuel Maintenance Ground facility expenses Administration Total expense Net operating income Planning Budget Variances 165 160 $ 40,930 $ 40,000 $930 F 11,330 11,200 130 U 5,610 5,440 170 U 2,458 1,920 530 U 2,090 1,960 130 U 1,915 1,940 25 F 3,635 3,720 85 F 27,030 26,180 850 U $ 13,900 $ 13,820 $ 80 F 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