Lessons Revenue Expenses: Instructor wages TipTop Flight School Variance Report For the Month Ended July 31 Actual Results 180 Planning Budget 175 Aircraft depreciation Fuel Maintenance Ground facility expenses Administration Total expense Net operating income Variances $ 41,290 $ 40,250 $ 1,040 F 10,645 10,500 145 U 6,840 6,650 190 U 3,090 2,450 640 U 2,700 2,555 145 U 2,470 2,550 80 F 3,885 29,630 3,985 28,690 100 F 940 U $ 11,660 $ 11,560 $ 100 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: Revenue Instructor wages Aircraft depreciation Cost Formulas $230g $609 $38q $149 $630 + $119 Ground facility expenses $1,850 $49 $3,460 + $39 Fuel Maintenance Administration Required: 2.Complete the flexible budget performance report for the school for July. Note: 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.