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 Vartance Report Lessons A75 Revenue Expenses: Instructor wages Aircraft depreciation 10.645 6,040 190/17 Fuel 6400 Maintenance 2,700 145 U Ground facility expenses Administration 100 F Total expense ganu Net operating Income 311.000 5:100 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 a is the number of lessons sold Cost Formulas Revenue 32109 Instructor wages 5000 Aircraft depreciation $300 $140 Fuel 1010 $110 Maintenance $1.050 140 Ground facility expenses Administration $3,400 530 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.)