CO Tiptop Flight School offers flying lessons at a small municipal aport the schools owner and manage has been attempting to evaluate performance and control costs using a variance report that compares the planning budget to actuales. A recent varice report appears below: 88 Collapse Variat 00:43 20 16U 100 MU $100 Les 10 173 10,50 Instructor 10.45 1,100 Alrerat precio 5,500 5,650 3.00 maintenance 2,450 2.700 2,555 145 2.610 sinistrati 2.550 1.30 29,60 $ 11,660 $11.56 After several months of using these reports, the owner has become frustrated. For example, she is cute 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 solt Cost. For 52 Instructor was S64 Aircraft depreciation $4 Ful $144 Maintenance $650 - $114 Ground facility expenses $1.050.54 Adeinistration 53,460 $ Required: 2. Complete the flexible budget performance report for the school for July (Indicate the effect of each variance by selecting "P" for favorable, "U" for unfavorable, and "None" for no effectie, zero variance). Input all amounts os positive values.) Tip Top Flight School Flexible Budget Performance Report For the Month Ended July 1 Actual Flexible Planning Results Budget Budget Lessons 180 175 Revenue $ $ 41,290 10250 Expenses Instructor wages 10 6451 10500 Aircraft depreciation 6,840 6.650 2450 Fuel 3,090 2.555 Maintenance 2.700 2550 Ground facility expenses 2.470 3805 Administration 3.885 28.690 20.600 Tot expenso