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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 points TipTop Flight School Variance Report For the Month Ended July 31 Actual Planning eBook Results Budget Variances Lessons 225 220 Print References Revenue $ 62, 690 $ 61, 600 $1, 090 F Expenses : Instructor wages 13, 395 13, 200 195 U Aircraft depreciation 7, 650 7, 480 170 U Fuel 4, 870 4, 180 690 U Maintenance 4, 395 4, 200 195 U Ground facility expenses 3, 180 3, 200 20 F Administration 4, 250 4, 440 190 F Total expense 37, 740 36, 700 1, 100 U Net operating income $ 24, 950 $ 24,900 $ 50 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. The planning budget was developed using the following formulas, where q is the number of lessons sold:2 The planning budget was developed using the following formulas, where q is the number of lessons sold: Cost Formulas Revenue $280q Instructor wages $60g 10 Aircraft depreciation $34q points Fuel $19g Maintenance $680 + $16g Ground facility expenses $2, 100 + $5q Administration $3, 560 + $4q eBook Print Required: References 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.)2 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.) 10 Tip Top Flight School points Flexible Budget Performance Report For the Month Ended July 31 Actual Revenue and Spending Flexible Planning eBook Results Activity Variances Variances Budget Budget Print Lessons 225 220 References Revenue $ 62,690 $ 61,600 Expenses: Instructor wages 13,395 13,200 Aircraft depreciation 7,650 7,480 Fuel 4,870 4,180 Maintenance 4,395 4,200 Ground facility expenses 3,180 3,200 Administration 4,250 4,440 Total expense 37,740 36,700 Net operating income $ 24,950 $ 24,900Quilcene Oysteria farms and sells oysters in the Pacific Northwest. The company harvested and sold 8,000 pounds of oysters in August. The company's flexible budget for August appears below: 4 Quilcene Oysteria points Flexible Budget For the Month Ended August 31 Skipped Actual pounds (9) 8,000 Revenue ($4.00g) $ 32, 000 Expenses : eBook Packing supplies ($0.50g) 4,000 Oyster bed maintenance ($3, 200) 3,200 Hint Wages and salaries ($2,900 + $0.30g) 5,300 Shipping ($0.80q) 6,400 Print Utilities ($830) 830 Other ($450 + $0.05g) 850 References Total expense 20,580 Net operating income $ 11, 420 The actual results for August were as follows: Quilcene Oysteria Income Statement For the Month Ended August 31 Actual pounds 8,000 Mc3 The actual results for August were as follows: Quilcene Oysteria Income Statement For the Month Ended August 31 4 Actual pounds 8, 000 points Revenue $ 35 , 200 Expenses : Skipped Packing supplies 4, 200 Oyster bed maintenance 3,100 Wages and salaries 5, 640 Shipping 6,950 eBook Utilities 810 980 Hint Other Total expense 21, 680 Print Net operating income $ 13, 520 References Required: Calculate the company's revenue and spending variances for August. (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.) Quilcene Oysteria Revenue and Spending Variances For the Month Ended August 31points Shipped eBook Hint Prlnt References Required: Calculate the company's revenue and spending variances for August. {Indicate the effect of each variance by selecting "F\" for favorable. \"U\" for unfavorable. and \"None" for no effect (i.e., zero variance}. In put all amounts as positive values.) Expenses: Packing supplies Oyster bed maintenance Wages and salaries Net operating income
