TipTop Flight School offers flying lessons at a small munlcipal alrport. The school's owner and manager has been attempting to evaluate performance and control costs using a verlance report that compares the planning budget to actual results. A recent varlance report appears below: prop Tight Soal Variance Report For the Month Inded July 31 Actul planning multe Budget Varian Leonon 175 170 Revenge 38:50 $ 37,400 950 Expenses Tantructor wagen 9.500 9,350 1500 Aircraft depreciation 6,650 6.460 1900 Puel 3,270 2,720 550 0 Maintenance 2,390 2,240 150 U Ground aelity expenses 1,875 1,910 351 Administration 3,525 3,620 95 Total expense 27,210 26,300 910 U Wet operating income $11,140 $ 11,100 $40 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 is the number of lessons sold: Coat Tomas Revenue Instructor wages $550 Nircraft depreciation $389 tu $164 Maintenance 35403104 dround facility and 91.400 + $30 Administration $3,200 $20 $2204 Required: 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 (.o., zero verlance). Input all amounts as positive values.) Tenis de performans aport Portret del Actual 175 $ 38,350 170 $ 37 400 9.500 9,350 5,650 Lessons Revenue Expenses Instructor wages Aircraft depreciation Fuel Maintenance Ground facility expenses Administration Total expense Net opening Income 3.270 2,390 1.875 3,625 27 210 $11.140 6,400 2,720 2.240 1,910 3.620 20.300 $11,100