Lessons Revenue Expenses: Instructor wages Aircraft depreciation Fuel Maintenance Ground facility expenses Administration Total expense Net operating income Revenue Instructor wages Aircraft depreciation Fuel TipTop Flight School Variance Report For the Month Ended July 31 Maintenance Ground facility expenses Administration Actual Results 175 $36,640 8,640 6,300 2,410 2,030 1,660 3,340 24,380 $ 12,260 Planning Budget Cost Formulas $2109 $509 $369 $119 $530+ $8q $1,350 + $2q $3,260+ $1q 170 $ 35,700 8,500 6,120 1,870 1,890 1,690 3,430 23,500 $ 12,200 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: Variances $940 F 140 U 180 U 540 U 140 U 30 F 90 F 880 U $60 F A 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.)

After several months of using these reports, the owner has become frustrated For example, she is quite confident that instructor whones were very tiahtly contralled in huly, but the report shows an unfovorable variance. The planning budget was developed using the following formulas, where q is the fumber of lessons sold: Required: 2. Complete the flewble budget performance report for the school for July (Indicate the effect of each variance by selecting "F" for favorabte, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.)