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2 Check my work 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. TipTop Flight School Variance Report For the Month Ended July 31 Actual Results 240 -Book Planning Budget 235 Var Lances Lessons erences $ 55,060 4050 $1,ete F Revenue Expenses: Instructor wages Aircraft depreciation Fuel Maintenance Ground facility expenses Administration Total expense Net operating income 11,865 11,750 115 U 8,400 8,225 179 U 4,840 4,230 610 4.248 4,125 115 U 2,810 2,875 65 4,280 4. be 56,435 5.545 890 U $ 18,625 $ 18,525 $ 12e 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 is the number of lessons sold: w