Please finish the sheet and 1 required question, thank you!

After several months of using such variance reports, the owner has become frustrated. For example, she is quite condent 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: Cost Formulas Revenue $220q Instructor wages $65q Aircraft depreciation $38q Fuel $15q Maintenance $530 + 312:; Ground facility expenses $1,250 + $2q Admlnlstration $3,240 + $14: Required: 1. Should the owner feel frustrated with the variance reports? Explain. 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 Budget Variances Lessons 155 150 Revenue $33,900 $33,000 E F Expenses: Instructor wages 9,870 9,750 120 U Aircraft depreciation 5,890 5,700 190 U Fuel 2,750 2.250 500 U Maintenance 2,450 2,330 120 U Ground facility expenses 1,540 1,550 10 F Administration 3,320 3,390 70 F Total expense 25,820 24,970 E U Net operating income $ 8,080 $ 8,030 $ 50F Calculate all variances and be sure to label them as Favorable or Unfavorable. Ti pTop Flight School 2. Flexible budget performance report Flexible budget Actual Results Variance F U Flexible budget Volume variances F U Static Budget Lessons Revenue Expenses: Instructor wages Aircraft depreciation Fuel Maintenance Ground facility expenses Ad ministration Total expense Net operating income