Please show how you arrived at all answers through Excel. Please assist with formulas where possible.

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 Rosults Budget Variances 150 $33,900 $33,000 155 Lessons Revenue Expenses: $900 F Instructor wages Alrcraft depreclation Fuel Malntenance Ground facility expenses. Administration 9,750 5,700 2,250 2,330 1,550 3,390 25,820 24,970 9,870 5,890 2,750 2,450 1,540 1 3,320 120 U 190 U 500 U 120 U 10 F 70 F 850 U Total expense.... 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: Cost Formulas $220q $65q $38q $15q 530+$12q $1,250+$2q $3,240$1q Revenue Aircraft Ground facility expenses. 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