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 light school Variance Report For the Month Ended July 31 Actual Planning Results thadont Variances Lesson 145 140 Revenue $36,030 $ 35,000 $1.030 Expenses Instructor vages 7,835 7,700 1350 Aircraft depreciation 5,365 5.180 1850 Puel 3.430 2,800 6300 Maintenance 3,135 3,000 135 0 Ground facility expenses 2,145 2,220 75 Administration 3,625 3,720 Total expense 25, 535 24.620 915U Het operating Income 310,495 10,310 3115 T 95 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 is the number of lessons sold: Cost roman Ravenue $2504 Teatructor was $559 Aircraft depreciation 9370 Tel 0204 Maintenance 36209174 Ground facility expenses $1.800.939 Administration $3,440920 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 (l.e, zero variance). Input all amounts as positive values.) TipTop Flight School Flexblo Budget Performance Report For the Month Ended July 31 Actual Revenue and Spending Result Variances 145 Floxible Budget Activity Variances Planning Budget 140 Lessons $ 36,030 $ 35,000 7,700 5.180 2,800 Revenue Expenses: Instructor wages Aircraft doprociation Fuel Maintenancn Ground facility expenses Administration Total expense Not operating income 7,835 5,365 3.430 3,135 2,145 3,625 25.535 $ 10,495 3,000 2.220 3,720 24,620 $ 10,380