Variance Report For the Month Ended July 31 Actual Planning Results Budget Vari Lessons 185 188 Revenue S 42.368 41.488 968F Expenses: Instructor wages 18,888 168 U 7,288 288 U 3,860 568 U 2,698 2,538 168 u 40 F 3,848 128 F 29,600 920 U $ 11,848 11,808 48 F 7,488 3,628 Ground facility expenses Adninistration 2,130 3,728 2,170 Total expense Net operating income After several months of using such varlance reports, the owner has become frustrated. For example, she ls qulte confident that Instructor wages were very tightly controlled In July, but the report shows an unfavorable varlance. The planning budget was developed using the following formulas, where qIs the number of lessons sold: Instructor wages Aircraft depreciation Fuel $68q $48q $17q 5$11q Ground facility expenses Adninistration 3,38$3q Required 2. Complete the flexlble 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 (l.e., zero varlance). Input all amounts as positive values.) plop Flexible Budget Performance Report For the Month Ended July 31 Actual ible Planning esults LessonsS 185 180 Revenue 5 42,380 41.400 Instructor wages Aircraft depreciation Fuel 5 10.,960 7.400 3,620 2,690 2.130 3,720 30,520 5 11,840 10,800 7.200 3,080 2.530 2,170 3.840 29.600 5 11,800 Ground facility expenses Total expense Net operating income