Flexible Budgets

The problem must to be completed in the attachment Excel file

Problem 2 - Complete all areas shaded gray 1 TipTop Flight School Flexible Budget Performance Report For the Month Ended July 31 Actual Results Lessons Revenue Expenses: Instructor wages Aircraft depreciation Fuel Maintenance Ground facility expenses Administration Total expense Net operating income 3 Revenue & Spending Variances Flexible Budget Activity Variances Planning Budget Managerial Controls and Budgeting The problem must to be completed in the attachment Excel file TXT BOOK;-Datar and Rajan - Managerial Accounting (1st Edition) (ISBN - 978-0-13-701273-2). Problem 2 Flexible Budgets 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: 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: Required: 1. Should the owner feel frustrated with the variance reports? Explain. 2. Prepare a flexible budget performance report for the school for July. 3. Evaluate the school's performance for July