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 225 Planning Budget 220 Variances Lessons $ 62,690 5 61,600 $1.090 Revenue Expenses: Instructor wages Aircraft depreciation Fuel Maintenance Ground facility expenses Adninistration Total expense Net operating Income 13,395 19,200 195 U 7,050 7, 480 270 U 4,820 4,180 6900 4,395 4,200 195 U 3,180 3,200 20 45,440 190 37,740 35,700 1.100 u $ 24,950 $ 24,900 $ SOF 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 Revenue Instructor wages Aircraft depreciation Fuel Maintenance Ground facility expenses Administration Cost Formulas $2009 $604 $349 $199 5630 + $169 $2,100 + 552 $3,56+ $40 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 effectie.zero voronce). Input all amounts os positive values.) Tip Top Flight School Flexible Budget Performance Report For the Month Ended July 31 Actual Results Flexible Budget Planning Budget o da to search 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... zero variance). Input all amounts os positive values.) Tip Top Flight School Flexible Budget Performance Report For the Month Ended July 31 Actual Results 225 Flexible Budget Planning Budget 220 Lessons $ 52.690 $ 61,600 Revenue Expenses Instructor wages Aircraft depreciation Fuel Maintenance Ground facility expenses Administration Total expense Net operating Income 13 395 7,650 4,870 4395 3,180 4.250 37 740 $ 24,950 13 200 7.480 4.180 4.200 3,200 4.440 36.700 $ 24,900