Please complete clearly

Chapter 9 Homework i Saved Help 4 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: 10 joints TipTop Flight School Variance Report For the Month Ended July 31 Actual Planning Results Budget Variances Book Lessons 175 170 Revenue $ 38, 350 $ 37, 400 $ 950 F Expenses Print Instructor wages 9 , 500 9, 35 150 U Aircraft depreciation 650 6,460 190 U Fuel 3, 270 2, 720 550 0 Maintenance 2,390 2, 240 150 U References Ground facility expenses 1 , 875 1, 910 35 F Administration 3 ,525 3,620 95 F Total expense 27 ,210 26 , 300 910 U Net operating income $ 11, 140 $ 11, 100 $ 40 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 q is the number of lessons sold: Cost Formulas Revenue $220q Instructor wages $55a Aircraft depreciation $38g Fuel $169 Maintenance $540 + $10q Ground facility expenses $1, 400 + $3q Administration $3, 280 + $2q 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.) Tip Top Flight School Flexible Budget Performance Report For the Month Ended July 31 Actual Flexible Planning Results Budget Budget Lessons 175 170 Revenue $ 38,350 $ 37,400 Expenses: Instructor wages 9,500 9,350 Aircraft depreciation 6,650 6.460 Fuel 3,270 2,720 Maintenance 2,390 2,240 Ground facility expenses 1,875 1.910 Administration 3,525 3,620 Total expense 27,210 26,300 Net operating income $ 11,140 $ 11,100