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 Planning Results Budget Variances 210 285 Lessons $ 52,230 $ 51,258 $ 980 F Revenue Expenses Instructor wages Aircraft depreciation Fuel Maintenance Ground facility expenses Administration Total expense Net operating income 14,530 14,350 6,720 6,560 3,655 3,075 3,415 3,235 1,910 1,96a 3,435 3,545 33,665 32.725 $ 18,565 $ 18,525 180 U 160 U 580 U 180 U Se F 110 F 940 U 548 F 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 is the number of lessons sold: Cost Formulas Revenue 52500 Instructor wages 5700 Aircraft depreciation $329 Fuel 5159 Maintenance 5570 - 5139 Ground facility expenses $1,550 - $20 Administration 53,340 - $10 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 ... zero variance). Input all amounts as positive values.)