TipTop Flight School offers tlying 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 Teded July 31 Variances Actual Results 240 $ 55,060 Planning Budget 235 $ 54,050 $ 1.010 Lessons Revenue Expenses: Instructor wages Aircraft depreciation Fuel Maintenance Ground facility wxpenses Administration Tatial expense Het operating income 11,865 8,400 4,340 4,240 2.810 4,200 36.495 $ 13,625 11,750 3,225 4.230 4,125 2,875 5140 35,545 $ 18,505 1150 175 0 6100 115 U 65 60 BU 5 1201 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: Revenue Instructor wages Aircraft depreciation Fuel Maintenance Ground facility expenses Adsinistration Cost Formulas S2300 $504 $350 $184 5600+ $150 $1,700 . $50 $3,400 + $40 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 (ie, zero variance). Input all amounts as positive values.) Tip Top Flight School Flexible Budget Performance Report For the Month Ended July 31 Actual Flexible Results Budget 240 $ 55,060 Planning Budget 235 $ 54,050 Lessons Revenue Expenses Instructor wages 11.750 11865 8,400 8 225 Aircraft depreciation Fuel Maintenance Ground facility expenses Administration Total expense Net operating income 4,840 4,240 2.810 4,280 36.435 $ 18,625 4230 4 125 2,875 4,340 35,545 18 505 S