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 Actual Results 210 Planning Budget 205 Variances Lessons $ 54,378 $ 53,300 $1,070 F Revenue Expenses: Instructor wages Aircraft depreciation Fuel Maintenance Ground facility expenses Administration Total expense Net operating income 15,550 6,720 4.155 3,795 2.695 3,799 36,525 17,845 15.375 6.569 3,485 3,530 2.615 3.939 35,495 $ 17,895 175 U 168 U 670 U 175 U 10 F 140 F 1,030 U $ 40 F After several months of using such variance reports, the owner has become frustrated. For example, sh 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 Fuel Maintenance Ground facility expenses Administration Cost Formulas $2689 $759 $329 $179 $660 + $149 $2,000 + $39 $3.520 + $29 Required: 2. Complete the flexible budget performance report for the school for July (Indicate the effect of each varlance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (.e., zero varlance). Input all amounts as positive values.) Tip Top Flight School Flexible Budget Performance Report For the Month Ended July 31 Actual Results 210 Flexible Budget Planning Budget Lessons 205 Revenue $ 54,370 53,300 Expenses: S Instructor wages Aircraft depreciation Fuel Maintenance 15.550 6.7207 4.155 3.705 2.605 3.790 38.525 17,845 15.375 6,560 3.485 3.530 2.615 3.930 35.495 17.805 Ground facility expenses Administration Total expense Net operating income | $ $