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: Tiptop light sehool Variance Report For the Month Ended July 31 Actual Planning Results Budget Variances Lesson 175 170 $ 36,640 $ 35,700 $940 T Ravenue Expono Instructor wages Aircraft depreciation Fuel Maintenance Ground facility expenses Administration Total expense Mat operating income 8,640 8,500 140 U 6,300 6, 120 180 U 2,410 1,870 540 U 2,030 1,890 140 U 1,660 1,690 30 3,340 3.430 90 24,380 23,500 880 U $ 12,260 5 12,200 $ 60 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 formules, where is the number of lessons sold: Cost Formulas $2100 $504 $360 revenue Instructor wagon Mirerat depreciation ruol Maintenance Ground facility expenses Administration $119 8530 $1,350 + $20 $3,260 . $19 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 (le, zero variance). Input all amounts as positive values.) Tip Top Flight School Flexible Budget Performance Report For the Month Ended July 31 Actual Results 175 Flexible Budget Planning Budget 170 Lessons $ 36,640 $ 35,700 Revenue Expenses Instructor wages Aircraft depreciation Fuel Maintenance Ground facility expenses Administration Total expense Net operating income 8,640 8,300 2,410 2.030 8,500 6,120 1,870 1,890 1,660 3,340 24 380 $ 12,260 1,690 3.430 23,500 $ 12,200