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 Lessons 135 $ 33,420 532,400 51.020 F Revenue Expenses: Instructor wages Aircraft depreciation Fuel Maintenance Ground facility expenses Administration Total expense Net operating Income 6,875 6,750 125 U 5,840 4,860 180 3,185 2,565 620 U 2,895 2.770 125 1,950 2,02e 70 F 3,465 90 23,410 22,520 890 U $ 10,010 5 9,889 $130 F 3.555 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 Formulas Revenue $2409 Instructor wages $50 Aircraft depreciation 5369 Fuel $199 Maintenance $610 + 5164 Ground facility expenses $1,750 + $20 Administration 53,420 + $14 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.) Tipo Flight School