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 Flight School Variance Report For the Month Ended July 31 Lessons Revenue Expenses: Instructor wages Aircraft depreciation Fuel Maintenance Ground facility expenses Administration Total expense Net operating income Actual Results 145 Planning Budget Variances 140 $ 33,110 $ 32,200 $ 910 F 8,510 8,400 110 U 4,350 4,200 150 U 2,470 1,960 510 U 2,010 1,900 110 U 1,465 1,480 15 F 3,265 3,340 75 F 22,070 21,280 790 U $ 11,040 $ 10,920 $ 120 F 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 formulas, where q is the number of lessons sold: Revenue Instructor wages Aircraft depreciation Cost Formulas $230q $60q $30q Fuel $14q $500 + $109 Ground facility expenses $1,200 + $2q $3,200 + $1q Maintenance Administration Required: 2.Complete the flexible budget performance report for the school for July. Note: 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. Answer is not complete. Tip Top Flight School Flexible Budget Performance Report Actual For the Month Ended July 31 Revenue and Flexible Activity Dlannina