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Gemini Corp'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: Gemini Corp. School Variance Report For the Month Ended July 31 Actual Results 200 Planning Budget 195 Variances Lessons $ 49,810 $ 48,750 $1,060 F Revenue Expenses: Instructor wages Aircraft depreciation Fuel Maintenance Ground facility expenses Administration Total expense Net operating income 13,815 13,650 8,888 7,800 3,789 3,120 3,350 3,185 2,250 2,340 3,575 3,695 34,778 33,790 $ 15,640 $ 14,960 $ 165 U 200 u 660 U 165 U 90 F 120 F 980 80 F The owner is sure that something is not right with this report and is getting frustrated The planning budget was developed using the following formulas, where g is the number of lessons sold: Revenue Instructor wages Aircraft depreciation Fuel Cost Formulas $2509 $789 $489 $169 $650 + $139 $1,950 + $24 $3,580 + $19 Maintenance Ground facility expenses Administration Required: 2 Complete the flexible budget performance report for the company for July (Indicate the effect of each varlance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (1.e., zero varlance). Input all amounts as positive values.) TipTop Flight School Flexible Budget Performance Report For the Month Ended July 31 Actual Results 200 Flexible Budget Planning Budget 195 Lessons $ 49,810 S 48,750 Revenue Expenses: Instructor wages Aircraft depreciation Fuel 13.815 13,650 8,000 3.780 7,800 3.120 3,185 Maintenance 3,350 2.250 3,575 Ground facility expenses Administration 2,340 3,695 Total expense 34,770 33,790 Net operating income $ 15,040 S 14,960