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 vages Actual Results 155 Planning Budget Variances 150 $ 36,970 $ 36,000 $970 P 9,920. 9,750. 170 U Aircraft depreciation 4,805 4,650 155 U Fuel 3,270 2,700. 5700 Maintenance 2,530 2,360. 170 U Ground facility expenses i 2,205 2,250 45 P Administration 3,815 3,920 105 P Total expense Net operating incone 26,545 $10,425 25,630 $10,370 915 U $ 55 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 $240g $650 $310 $180 $560+ $120 Ground facility expenses $1,500 +$5g $3,320 + $40 Fuel Maintenance Administration Required: 2. Complete the flexible budget performance report for the school for Julv. (Indicate the effect of each variance by selecting "F" for