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 Results Budget 240 235 Variances Lessons $ 55,060 $ 54,050 $1,010 F Revenue Expenses: Instructor wages Aircraft depreciation Fuel Maintenance Ground facility expenses Administration Total expense Net operating income 11,865 8,400 4,840 4,240 2,810 4,280 36,435 $ 18,625 11,750 8,225 4,230 4,125 2,875 4,340 35,545 $ 18,505 115 U 175 U 610 U 115 U 65 F 60 F 890 U 120 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: Revenue Instructor wages Aircraft depreciation Fuel Maintenance Ground facility expenses Administration Cost Formulas $2309 $50g $350 $189 $600 + $159 $1,700 + $59 $3,400 + $49 Required: 2. Complete the flexible budget performance report for the school for July. (Indicate the effect of each variance favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive val Tip Top Flight School Flexible Budget Performance Report For the Month Ended July 31 Actual Results 240 Flexible Budget Planning Budget 235 Lessons Revenue $ 55,060 $ 54,050 $ 11,865 11,750 8,225 4,230 Expenses: Instructor wages Aircraft depreciation Fuel Maintenance Ground facility expenses Administration Total expense Net operating income 4,125 8,400 4,840 4,240 2,810 4,280 36,435 18,625 2,875 4,340 35,545 18,505 $ $