TipTop Flight School offers ying 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 Planning Actual Results Budget Variances Lessons 228 215 Revenue 5 56,398 5 55,966 5 996 F Expenses: Instructor wages 16,315 16,125 196 U Aircraft depreciation 7,266 7,995 165 U Fuel 4,939 3,443 592 u Maintenance 3,336 3,596 196 U Ground facility expenses 2,196 2,245 55 F Administration 3,6?5 3,796 115 F Total expense 33,258 36,235 965 U Net operating income 5 19,646 5 19,615 5 25 F 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 q is the number of lessons sold: Cost Formulas Revenue $266q Instructor wages $?5q Aircraft depreciation $33q Fuel $16q Maintenance $536 + $14q Ground facility expenses $1,668 + $3q Administration $3,366 + $2q Required: 2. Complete the exible budget performance report for the school for July. {Indicate the effect of each variance by selecting "F" for favorableI "U" for unfavorable, ancl \"None" for no effect [i.e.I zero variance). Input all amounts as positive values.)