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 Planning Budget Variances Results 100 Lessons 56290 540,250 51,040 Revenue Expenses Instructor wages Aircraft depreciation Fuel Maintenance Ground facility expenses Administration Total expense Het operating income 10,645 1,340 3,090 2,700 2.470 10.500 5,650 2,450 145 1900 040U 145 80 OD dou $100 12.550 2016 $11,6605 11.50 Attet 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 is the number or lessons sold: cont formules 325 Instructor was 100 Alrerart depreciation 5330 Yu 5140 1658511 Ground flity 51,00 distration 53.400 530 Maintenance 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 os positive values.) Tip Top Flight School Flexible Budget Performance Report For the Month Ended duly 31 Actual Results 180 Flexible Budget Planning Budget 175 Lessons $ 41 290 $ 40,250 Revenue Expenses Instructor wages Aircraft depreciation Fuel Maintenance Ground locity expenses Administration Total pense Net operating income $ 10,645 5,840 5090 2.700 2 470 3.885 29.630 $11.000 10,500 6.650 2.450 2.555 2.550 3,905 28690 5111,560