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 varlance 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 198 185 $ 45,450 $ 44, 480 $1,eser Revenue Expenses: Instructor wages Aircraft depreciation Fuel Maintenance Ground facility expenses Administration Total expense Net operating income 12,180 12,625 7,410 7,215 3,425 2,775 3,015 2.868 2,925 3,18 4.295 4,485 33,258 32,298 $ 12,200 $ 12,110 $ 155 U 195 U 650 U 155 U 85 F 110 F 960 U 90 F 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 $2484 Instructor wages Revenue $654 Aircraft depreciation Fuel Maintenance Ground Facility expenses Administration $399 $150 5640 + $124 $1,980 - $69 $3,480 + $59 Required: 2 Complete the flexible budget performance report for the school for July. (Indicate the effect of each varlance by selecting "F" for favorable. "U" for unfavorable, and "None" for no effect (l.e., zero variance). Input all amounts as positive values.) TipTop Flight School Flexible Budget Performance Report For the Month Ended July 31 Actual Results 190 Flexible Budget Planning Budget 186 Lessons $ 45,450 $ 44,400 Revenue Expenses: Instructor wages Aircraft depreciation Fuel Maintenance Ground facility expenses Administration Total expense Net operating income 12,180 7,410 3,425 3,015 2,925 4.295 33,250 $ 12.200 12,025 7,215 2,775 2.880 3,010 4,406 32.290 12.110