saved EX 4 Check my Tiplop Flight School offers flying lessons at a smal 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 25 Dots TipTop Flight School Variance Report For the Month Ended July Actual Results 210 Les Planning Budget 205 Vrances 1512 Rev Expenses Instructor Aircraft depreciation Ful Maintenance Ground flity expenses Administration 100 100 14:53 02720 3,655 . 1.10 16,50 6,560 3,025 3,233 1.9 50 110 100 40 perating in 4 25 Dons 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 is the number of lessons sold. Book Cost Formulas $2504 $700 Print Revenue Instructor wages Aircraft depreciation Fuel Haintenance Ground facility expenses Administration Derences $150 $570 - $119 $1,550 $20 53,340 + $14 Required: 2. Complete the flexible budget performance report for the school for July (Indicate the effect of each variance by selecting " for favorable, "U" for unfavorable, and "None" for no effectie, zero variance). Input all amounts os positive values) 4 favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.) 25 points TipTop Flight School Flexible Budget Performance Report For the Month Ended July 31 Actual Results 210 Flexible Budget Planning Budget 205 500k Lessons Pent $ 52 230 References $ 51,250 + Revenue Expenses Instructor wages Arcrait depreciation Fuel Maintenance Ground facility expenses Administration Total expense Net operating income 14530 6.720 3.655 3.415 1,910 3.435 33.665 $ 18,565 14,350 6,560 3.075 3.235 1960 3.545 32.725 18,525 $