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: points TipTop Flight School Variance Report For the Month Ended July 31 Actual Results 190 Planning Budget 185 Variances Lessons lonni w $ 45,450 $ 44,400 $1,050 F eBook 12,025 Revenue Expenses : Instructor wages Aircraft depreciation Fuel Maintenance Ground facility expenses Administration Total expense Net operating income Print 12,180 7,410 3,425 3,015 2,925 4,295 33,250 $ 12,200 2,860 3,010 4,405 32290 $ 12.110 155 U 195 U 650 U 155 U 85 F 110 F 960 U References 99 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 sold: Revenue Instructor wages Aircraft depreciation Fuel Maintenance Ground facility expenses Administration Cost Formulas $2489 $659 $399 $159 $640 + $124 $1,900 + $69 $3,480 + $59 Required: 2 Complete the flexible budget performance report for the school for July. (Indicate the effect of each variance by selecting "F" for favorable " for unfavorable and "None" for no effect file zere variancel Innut lamaunde ne naelewa wale Fuel Maintenance Ground facility expenses Administration 10 points $159 $640 + $124 $1,900 + $64 $3,480 + $59 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.) eBook Print Tip Top Flight School Flexible Budget Performance Report For the Month Ended July 31 Actual Results 190 References Flexible Budget Planning Budget Lessons 185 $ 45,450 $ 44,400 Revenue Expenses Instructor wages Aircraft depreciation Fuel Maintenance Ground facility expenses Administration Total expense Net operating income $ 12,180 7,410 3,425 3,015 2.925 4.295 33,250 $ 12.2001 12,025 7215 2.775 2,860 3 010 4.405 32,290 12.110 $