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: ipTop Flight School Variance Report For the Month Ended July 31 Actual Planning Results Budget Variances 185 42,36841.4 968 F Expenses: 18,968 7,480 3,628 2,698 2,138 1.880 168 U 7,288 288 U 3.868 560 U 2,53 168 U 48 F 3.848 128 F 29.,6 928 U 11,8 48 F Instructor wages Aircraft depreciation uel Maintenance Ground facility expenses Administration 2,17e Total expense Net operating income S 11,848 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 $238q Revenue Instructor wages Aircraft depreciation Maintenance Ground facility expenses Administration $558 $11q $1,458$4q 3,38$3q Requlred: 2. Complete the flexible budget performance report for the school for July. (Indicate the effect of each verlence by selecting"F" for favorable, "U" for unfavorable, and "N?ne" for no effect (Le., zero variance). Input all amounts as p $1tlve values.) ipTop Flight School Flexible Budget Performance Report For the Month Ended July 31 Actual Flexible Planning Lessons 180 S 42,360 S 41,400 Instructor wages Aircraft depreciation Fuel Maintenance Ground facility expenses S 10,900 10,800 7.200 3,060 2,530 2.170 3,840 29,800 Total expense 30,520