Tiplop 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 Results 185 Lento Planning Budget 180 Variances $42,60 $ 41,400 390 Revenue Expenses Instructor was Aircraft depreciation Fuel Maintenance Ground facility expenses Administration Total expense Net operating income 10,960 10.00 160 7.40 200 2000 3,620 3,060 560 2,690 2,530 360 2,10 2,170 3,220 3,300 120 JO120 29,60 930 11,405 11,00 510 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 g is the number of lessons solt: Cost Formulas Revenue $2304 Instructor wages $600 Aircraft depreciation $400 $17 Maintenance $598 . $114 Ground facility expenses $1,450 - 540 Adinistration 53.300 - 5 Instructor wages Aircraft depreciation Fuel Maintenance Ground facility expenses Administration 3609 $409 $179 $550 - $119 $1,450 $40 $3,300 - $39 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 Results 185 Flexible Budget Planning Budget 180 Lessons $ 42,360 $ 41 400 Revenue Expenses Instructor wages Aircraft depreciation $ 10,960 Fuel Maintenance 7,400 3,620 2.690 2,130 10.800 7,200 3,060 2,530 2,170 3,840 Ground facility expenses Administration Total expense Net operating income 3,720 30,520 $ 11,840 29,600 $ 11,800