Problem $9-20($Algo$)$ Critique a Report; Prepare a Performance Report $[$LO$9-1,$ LO$9-2,$ LO$9-3,$ LO$9-4]$

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:

$\backslash$table$[[,\backslash$table$[[$TipTop Flight School$],[$Variance Report$],[$For the Month Ended July $31]],],[,,\backslash$table$[[$Planning$],[$Budget$]]],[$Lessons$,155,150],[$Revenue$,36,970,$$$36,000$

$\backslash$table$[[$Flexible Budget Performance Report$],[,$For the Month Ended July $31,\{$

$\backslash$table$[[$Planning$],[$Budget$]]\}],[,\backslash$table$[[$Actual$],[$Results$]],\backslash$table$[[$Flexible$],[$Budget$]]],[$Lessons$,155,,,150],[$Revenue$,$$$36,970,,$$$,36,000],[$Expenses:$],[$Instructor wages,$9,920,,,9,750],[$Aircraft depreciation,$4,805,,,4,650],[$Fuel$,3,270,,,2,700],[$Maintenance$,2,530,,,2,360],[$Ground facility expenses,$2,205,,,2,250],[$Administration$,3,815,,,3,920],[$Total expense,$26,545,,,25,630],[$Net operating income,$$10,425,,$$$,10,370]]$