A recent variance report appears below: Variances 58 $ 940 F TipTop Flight School Variance Report For the Month Ended July 31 Actual Planning Results Budget Lessons 175 179 Revenue $ 36,640 $ 35,700 Expenses: Instructor wages 8,640 8,500 Aircraft depreciation 6,300 6,120 Fuel 2,410 1,870 Maintenance 2,030 1,890 Ground facility expenses 1,660 1,690 Administration 3,340 3,430 Total expense 24,380 23,500 Net operating income $ 12,260 $ 12,200 140 U 180 U 540 U 140 U 30 F 90 F 880 U $ 60 F After several months of using such variance 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: Revenue Instructor wages Aircraft depreciation Fuel Maintenance Ground facility expenses Administration Cost Formulas $2109 $509 $369 $11g $530 + $89 $1,350 + $29 $3,260 + $19 lequired: 2. Complete the flexible budget performance report for the school for July. (Indicate the effect of ach variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., ero variance). Input all amounts as positive values.) + TipTop Flight School Flexible Budget Performance Report For the Month Ended July 31 Actual Results 175 Flexible Budget Planning Budget 170 Lessons Revenue $ 36,640 $ 35,700 $ 8.640 8,500 6,300 Expenses: Instructor wages Aircraft depreciation Fuel Maintenance Ground facility expenses Administration 6,120 1,870 2,410 1,890 1,690 2,030 1,660 3,340 24,380 $ 12,260 3,430 Total expense 23,500 $ 12,200 Net operating income