Check my work 4 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 10 siprop light school Variance sport For the Month Ended July 31 Actual Result 150 planning Mudget 185 Vacances BOR LONE 5445450 546.400 51.050 Devenue Tostructor ago Aircraft depreciation fuel Maintenance Ground Facility expenses ministration Total expense Wet operating income Reference 12.100 12,025 7.410 7.215 3,023 2,775 3.015 2.850 2.925 3.010 4,22 4.403 3.250 32,290 112,200 3.12.110 1550 1950 650 155 35 110 9600 90 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: Control Raven 32404 Instructor was Alorat depreciation 3394 Fuel Maintenance 5610 3119 Ground tacy w 51.900 + 169 $3,40359 $654 $150 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 effectie, zero variance). Input all amounts as positive values.) Required: 2. Complete the flexible budget performance report for the school for July (Indicate the effect of each variance by sel favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.) rint D rences TipTop Flight School Flexible Budget Performance Report For the Month Ended July 31 Actual Rosults 190 Flexible Budget Planning Budget 185 Lessons Revenue $ 45,450 $ 44,400 12,025 Expensos: Instructor wages Aircraft depreciation Fuel Maintenance Ground facility expenses Administration Total expense 12.18 7,410 3,425 3,015 2,925 4,295 33.250 $ 12,200 7,215 2.775 2,860 3,010 4,405 32,290 Net operating income $ 12,110