The planning budget was developed using the following formulas, where q is the number of lessons sold: Revenue Instructor wages Aircraft depreciation Fuel Maintenance Ground facility expenses Administration Cost Formulas $2509 $550 $379 $209 $620 + $179 $1,800 + $39 $3,440 + $29 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.) Tip Top Flight School Flexible Budget Performance Report For the Month Ended July 31 Actual Flexible Results Budget 145 Planning Budget 140 $ 35,000 Lessons Revenue $ 36,030 Expenses: Instructor wages 7,835 7,700 Aircraft depreciation 5,365 5,180 Fuel 3,430 2,800 Maintenance 3,000 Ground facility expenses 2,220 3,135 2,145 3,625 25,535 Administration 3,720 Total expense 24,620 Net operating income $ 10,495 $ 10,380