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 140135 Variances Tansons $ 33, 420 $ 32,400 $1,020 F Revenue Expenses: Instructor wages Aircraft depreciation Puel Maintenance Ground facility expenses Administration Total expense Net operating income 6,8756,750125 U 5.040 4.860 180 U 3.185 2.565 620 U 2,895 2,770 1 25 U 1,950 2,020 7 0 3.465 3,555 9 0 F 23,410 22.520 890 U $ 10,010 $ 9,880 $ 130 P 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: Revenue Instructor wages Aircraft depreciation Puel Maintenance Ground facility expenses Administration Cost Formulas $2409 $50g $369 $199 $610 + $169 $1,750 + $29 $3.420 Slg Required: 2. Complete the flexible budget performance report for the school for July (Indicate the effect of each variance by selecting "F" Aircraft depreciation Fuel Maintenance Cround facility expenses Adainistration $369 $19 $610 $169 $1,750 + $29 $3,420 . $19 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 (.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 140 Flexible Budget Planning Budget Lessons Revenue $ 33,4201 $ 32.400 Expenses: Instructor wages Aircraft depreciation 6,750 4.860 Fuel Maintenance 6,875 5,0401 3,185 2,895 1,950 3,465 23,410 10,010 2,565 2.770 2,020 Ground facility expenses Administration Total expense 3,555 22.520 9,880 $ Net operating income S