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 210 205 Lessons $ 54,370 $ 53,300 $1,070 F Revenue Expenses: Instructor wages Aircraft depreciation Fuel Maintenance Ground facility expenses Administration Total expense Net operating income 15,550 15,375 6,720 6,560 4,155 3,485 3,705 3,530 2,605 2,615 3,790 3,930 36,525 35,495 $ 17,845 $ 17,805 175 U 160 U 670 U 175 U 10 F 140 F 1,030 U 40 F After several months of using these reports, the owner has become frustrated. For example, she is quite wages were very tightly controlled in July, but the report shows an unfavorable variance. The planning budget was developed using the following formulas, where a is the number of lessons sole Revenue Instructor wages Aircraft depreciation Fuel Maintenance Ground facility expenses Administration Cost Formulas $2609 $759 $324 $179 $660 + $149 $2,000 + $39 $3,520 + $24 Denuired. Required: 2. Complete the flexible budget performance report for the school for July (Indicate the effect of each vori favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive TipTop Flight School Flexible Budget Performance Report For the Month Ended July 31 Actual Results 210 Flexible Budget Planning Budget 205 Lessons Revenue $ 54,370 $ 53,300 Expenses Instructor wages Aircraft depreciation Fuel Maintenance Ground facility expenses Administration Total expense Net operating income 15,550 6.720 4,155 3,705 2,605 3,790 36,525 $ 17,845 15,375 6,560 3,485 3,530 2,615 3,930 35,495 $ 17,805