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 points Variances Lesson:s Revenue Expenses: 150 33,980 33,000 90 F eBook 120 U 190 U 500 U 120 U 10 F 70 F References Instructor wages Aircraft depreciation 9,870 5,890 2,750 2,458 1,540 9,750 5,700 2,250 2,330 1,550 3.390 Maintenance Ground facility expenses Administration 320-2 , 070 25,82924:978 850 u Total expense Net operating income 8,080 $ 8,039 50 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: Help Save &Eit Submit Net operating income $8,080 8,030 50 F 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: points Cost Formulas $220q $65q $38q $15q $530 $12q $1,250 $2q S3,240 + $1q Revenue Instructor wages Aircraft depreciation Fuel Maintenance Ground facility expenses Administration eBook References 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.) TipTop Flight School Flexible Budget Performance Report For the Month Ended July 31 Actual Flexible Bu Planning Bud 9 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.) TipTop Flight School Flexible Budget Performance Report For the Month Ended July 31 points Actual Flexible Bud Planning Lessons 155 150 eBook References Revenue S 33,900 $ 33,000 Expenses Instructor wages Aircraft depreciation Fuel Maintenance Ground facility expenses Administration 9,870 5,890 2,750 2.450 1,540 3,320 25,820 S 8,080 9,750 5,700 2,250 2,330 1,550 3,390 24,970 $ 8,030 Total expense Net operating income