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: Lessons Revenue Expenses: Instructor wages TipTop Flight School Variance Report For the Month Ended July 31 Aircraft depreciation Fuel Maintenance Administration Ground facility expenses Net operating income Total expense Actual Results 155 Planning Budget Variances 150 $ 33,900 $ 33,000 $ 900 F 9,870 9,750 120 U 5,890 5,700 190 U 2,750 2,250 500 U 2,450 2,330 120 U 1,540 1,550 10 F 3,320 3,390 70 F 25,820 24,970 850 U $ 8,080 $ 8,030 $ 50 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: Cost Formulas Revenue Instructor wages Aircraft depreciation Fuel Maintenance $2209 $65q $38q $15q $530 + $129 Ground facility expenses Administration $1,250 + $2q $3,240 + $1q 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.)