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 Results 155 Planning Budget 15a Variances Lessons $ 33,200 $33,eee $900 F 120 190 U Revenue Expenses: Instructor wages Aircraft depreciation Fuel Maintenance Ground facility expenses Administration Total expense Net operating income 9,878 5,890 2,750 2.45e 1,540 9,75a 5,70 2,250 2,330 1,550 22 24270 $8,00 1120 u 10 F 70 F Be . $ 5e 25 B2B $8,00 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 ale the number of lessons cold Cost Formulas Raven 5229 Instructor was 5650 Arcraft depreciation 339 5159 Maintenance 35105120 Ground facility expose 31,2012 Ministration Required: 2. Complete the ble budget performance report for the school for July (Indicate the effect of each variance by selecting for favorable. "U" for unfavorable, and "None' for no effect ( ero variance). Input all amounts a pealtve volues.)