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napter 9 Assignment: Flexible Budgets Saved TipTop Flight School offers flying 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 Actual Results 175 Planning Budget 170 Variances Lessons $_36,640 $ 35,00 $948 F Revenue Expenses: Instructor wages Aircraft depreciation Fuel Maintenance Ground facility expenses Administration Total expense Net operating income 8,540 8,589 1400 6,300 6, 120 1880 2,410 1,870 5400 2,038 1,898 140 0 1,660 1,690 30 F 3,340 3,430 90 F 24,380 23,500 8800 $ 12,260 $ 12,200 $ 60 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 is the number of lessons sold Revenue Instructor wages Aircraft depreciation Fuel Maintenance Ground Facility expenses Administration Cost Formulas $216 $50 $369 $119 $538 + 589 $1,350 $24 $3,268 + 514 Chapter 9 Assignment Flexible Budgets Saved Revenue Instructor wages Aircraft depreciation Fuel Maintenance Ground facility expenses Administration Cost Formulas $2109 $589 $364 sila $530 + $84 $1,350 + $29 $3,260. Slo Required: 2. Complete the flexible budget performance report for the school for July. (Indicate the effect of each variance by selecting " for favorable. "U" for unfavorable, and "None" for no effect (i.e., zero variance), Input all amounts as positive values.) Tip Top Flight School Flexible Budget Performance Report For the Month Ended July 31 Actual Results 175 es Flexible Budget Planning Budget 170 Lessons $ 36,640 $ 35,700 Revenue Expenses Instructor wages Aircraft depreciation Fuel 8640 6,300 2,410 2,030 1,660 Maintenance Ground facility expenses Administration Total expense Net operating income 8.500 6.120 1,870 1,890 1,690 3,430 23,500 $ 12 200 3,340 24,380 $ 12,260