Check my work 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 Lessons $ 36,920 $ 36,000 $920 F Revenue Expenses: Instructor wages Aircraft depreciation Fuel Maintenance Ground facility expenses Administration Total expense Net operating income 9,870 9.750 120 U 4,960 4,800 160 U 2,470 1,950 520 U 2.289 2.160 120 U 1.60 1.700 20 F 3.440 3.520 OF 24,70 23,880 820 U $12,220 $ 12,120 $ 100 F Aner 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 $2489 $659 $329 $139 $510 + $119 $1,250 + $30 $3,220 + $29 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 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 Flexible Budget Planning Budget 150 Lessons 155 Revenue $ 36,9201 $ 38,000 Expenses Instructor wages Arera depreciation 570 4,900 Fuel 2.470 220 0.750 4.800 1,950 2. 160 1.700 Maintenance Ground facility expenses 1680 31520 Administration Total expense Net operating income 24.700 12.220 $ 12.120