TipTop Flight School offers flying lessons at a small municipal alrport. The school's owner and manager has been attempting to evaluate performance and control costs using a varlance report that compares the planning budget to actual results. A recent varlance report appears below: TipTop Flight School Variance Report For the Month Ended July 31 Actual Results 180 Planning Budget 175 Variances Lessons $ 41,290 $ 40,250 $1,040 F Revenue Expenses: Instructor wages Aircraft depreciation Fuel Maintenance Ground facility expenses Administration Total expense Net operating income 10,645 10,500 145 U 6, 840 6,650 190 U 3,090 2,450 640 U 2,700 2,555 145 U 2,470 2,550 80 E 3,685 3,985 100 E 29,630 28,690 940 U $ 11,660 $ 11,560 11,560 $ 100 F After several months of using such varlance 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 $2309 $609 Revenue Instructor wage: Aircraft depreciation Fuel Maintenance Ground facility expenses Administration $289 $149 $630 + $119 $1,850 + $49 $3,460 + $39 Required: 2 Complete the flexible budget performance report for the school for July. (Indicate the effect of each varlance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (.e., zero varlance). Input all amounts as positive values.) TipTop Flight School Flexible Budget Performance Report For the Month Ended July 31 Actual Flexible Planning Results Budget Budget Lessons 180 175 Revenue $ 41,290 $ 40,250 Expenses: Instructor wages $ 10,645 10,500 6,650 Aircraft depreciation 6,840 Fuel 3,090 2.450 Maintenance 2.700 2,555 Ground facility expenses 2.470 3,885 2,550 3,985 Administration Total expense 28,690 29,630 $ 11,660 Net operating income S 11,560