Check my wor 6 Problem 9-22 Critique a Report; Prepare a Performance Report [LO9-1, LO9-2, LO9-3, LO9-4, LO9-6] 22.37 points 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: eBook TipTop Flight School Variance Report For the Month Ended July 31 Actual Results 220 Planning Budget 215 Variances Lessons Print $ 56,890 $ 55,900 $ 990 F References Revenue Expenses : Instructor wages Aircraft depreciation Fuel Maintenance Ground facility expenses Administration Total expense Net operating income 16,315 16,125 7,260 7,095 4,030 3,440 3,780 3,590 2,190 2,245 3,675 3,790 37,250 36,285 $ 19,640 $ 19,615 $ 190 U 165 U 590 V 190 U 55 F 115 F 965 U 25 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 $2609 $759 $339 $169 $580 + $149 $1,600 + $39 $3,360 + $ 29 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 (i.e., zero variance). Input all amounts as positive values.) Chapter 9 Homework Saved Help Save & Exit Submit Check my work HII PIUITy wuuy vuurupu wul IL TUIUTTITY ULTIVIUU, VIILILY LIC FINLI VIILUUUII JIU. 6 22.37 points Revenue Instructor wages Aircraft depreciation Fuel Maintenance Ground facility expenses Administration Cost Formulas $2609 $759 $334 $169 $580 + $149 $1,600 + $39 $3,360 + $29 eBook 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 (i.e., zero variance). Input all amounts as positive values.) Print References Tip Top Flight School Flexible Budget Performance Report For the Month Ended July 31 Actual Results 220 Flexible Budget Planning Budget 215 Lessons $ 56,890 $ 55,900 16,125 $ 16,315 7,260 Revenue Expenses Instructor wages Aircraft depreciation Fuel Maintenance Ground facility expenses Administration 4,030 3.780 7,095 3,440 3,590 2.245 3.790 2,190 3,675 37,250 $ 19,640 36.285 Total expense Net operating income $ 19,615 Mc Graw Hill