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omework Help Save & Ext Submit Check my work TipTop Fight 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 Planning Results Budget Variances Lessons 175 170 Revenue 1238,350 $ 37,400 $950 Expenses: Instructor wages 9.500 9,350 15eu Aircraft depreciation 6,650 6,460 190 Fuel 3,270 2.720 552 Maintenance 2,390 2,240 150 Ground facility expenses 1,875 1,910 35 F Administration 3,525 3,620 95 F Total expense 27,210 26,300 9100 Net operating income $11,140 $ 11,100 5 40F After several months of using these reports, the owner has become frustrated. For example, sho 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 Cost Formulas Revenue $2209 Instructor wages $550 Aircraft depreciation $380 Fuel $169 Maintenance $548 . $100 Ground facility expenses $1,400 $30 Administration 53,280 - $20 Required: 2. Complete the flexible budget performance report for the school for July (Indicate the effect of each variance by selecting "F" for favorable. "U" for unfavorable, and "None for no effect fi.e., zero variance). Input all amounts as positive values.) FUEL Maintenance Ground facility expenses Administration PAU $540 + $189 $1,400 + $39 $3,280 + $29 Required: 2. Complete the flexible budget performance report for the school for July. (Indicate the effect of each variance by selecting "F" fo favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.) TipTop Flight School Flexible Budget Performance Report For the Month Ended July 31 Actual Revenue and Spending Flexible Results Variances Budget 175 $ 38,350 Activity Variances Planning Budget 170 $ 37.400 Lessons Revenue Expenses Instructor wages 9,500 9,350 Aircraft depreciation 6,650 6,460 Fuel Maintenance Ground facility expenses Administration Total expense Net operating income 3,270 2,390 1,875 3,525 27,210 $ 11,140 2,720 2,240 1.910 3,620 26,300 11,100 $