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: its TipTop Flight School Variance Report For the Month Ended July 31 Actual Planning Results Budget va 140135 eBook Lessons Ask $33,420 $32,400 $1, Print un References Revenue Expenses : Instructor wages Aircraft depreciation Fuel Maintenance Ground facility expenses Administration Total expense Net operating income 6,875 6,750 5,040 4,860 3,185 2,565 2,895 2,770 1,950 2,20 3,465 3,555 23,410 22,520 $10,010 $ 9,880 180 U 620 U 125 U 70 F 90 F 890 U $ 130 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: The planning budget was developed using the following formulas, where q is the number of lessons sold: $509 Cost Formulas Revenue $2409 Instructor wages Aircraft depreciation $369 Fuel $199 Maintenance $610 + $169 Ground facility expenses $1,750 + $29 Administration $3,420 + $19 -nces 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.) Tip Top Flight School Flexible Budget Performance Report For the Month Ended July 31 Actual Results LI Flexible Budget Planning Budget 135 Lessons $ 33,420 $ $ 32,400 32,400 Revenue Expenses: Drou 11 of 13 Noyt