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PROBLEM 10-21 Critique a Report; Prepare a Performance Report LO 10-1, LO 10-4, LO 10-6] 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 llBudget Variances 155 150 $33,900 $33,000 $900 F Expenses 9,750 5,700 2,250 2.450 2.330 1,550 3,390 25,82024,970 $ 8,080$8,030 9.870 5,890 2.750 120 U 190 U 500 U 120 U 10 F 70 F 850 U $50 F Aircraft depreciation . Fuel. Maintenance ....--..-..---.... Ground facility expenses....44... 1.540 3,320 3 Net operating income p4424Z...4 After 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 q is the number of lessons sold: The planning budget was developed using the following formul lessons sold: Cost R Aircraft depreciation. Fuel.. $530 ...$1,250 $3,240 Required: 1. Should the owner feel frustrated with the variance reports? Explain. 2. Prepare a flexible budget performance report for the school for July 3. Evaluate the school's performance for July