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 3.1 Actual Planning Results Budget Variances Lessons 225 220 Revenue Expenses: $62,690 $61,600 $1,090 F 13,395 13,200 Aircraft depreciation 7,650 7,480 4,870 4,180 4,395 4,200 3,180 3,200 195 U 170 U 690 U 195 U 20 F Instructor wages Fuel Maintenance Ground facility expenses Administration 4,250 4,440 190 F 37,740 36,700 1,100U Net operating income $24,950 $24,900 $ 50 F Total expense 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 q is the number of lessons sold Cost Formulas Revenue Instructor wages Aircraft depreciation Fuel $280q $60g $34q $19q $680+ $16q $2,100+ Maintenance Ground facility expenses $3,560 + $4q Administration 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.)