Tip Top 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: Tip Top Fligh School Variance Report For the Month Ended July 31 Planning Budget Variances 155 33.000 150 S 33.000 $ 900 F Lessons Revenue Expenses Instructor wigos Aircraft depreciation Ful Maintenance Ground facility expenses Administration Total expense Not operating income 9.750 5,700 2250 120 U 100 U 500 U 9,870 5 800 2.750 2.450 1,500 3.320 25.820 8080 3,390 24,970 8.030 70 850 U 50 F $ $ S 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 is the number of lessons sold: Revenue Instructor wages Aircraft depreciation Fuel Cost Formulas $2209 5650 5300 $150 Elench Flexible Budget Performance Report For the Month Ended July 31 Revenue and Spending Variances Activity Variances Revenue Expenses Instructor wages Aircraft depreciation Fuel Maintenance Ground facility expenses Administration Total expense Net operating income SIS 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: Revenue Instructor wages Aircraft depreciation Fuel Maintenance Ground facility expenses Administration Cost Formulas $2209 $650 $389 $159 $530$129 $1,250 + $29 $3,240 - $10 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 Revenue and Spending Variances $ 66,900 U Activity Variances Revenue Expenses Instructor wages Aircraft depreciation Fuel