Problem 9-20 (Static) Critique a Report; Prepare a Performance Report (L09-1, LO9-2, LO9-3, L Tiplop Flight School offers flying lessons at a small municipal airport. The school's owner and manager has been attemptin evaluate performance and control costs using a variance report that compares the planning budget to actual results. A rece report appears below: TipTop Flight School Variance Report For the Month Ended July 31 Actual Results 155 Planning Budget 150 Variances Lessons 5 33.900 $33.600 5900 F U Revenue Expenses Instructor wages Aircraft depreciation Fue Maintenance Ground facility expenses Administration Total expense Het operating income U 9,870 5.890 2,750 2,450 1,500 3,320 25,820 $ 8,080 9,750 5,700 2,250 2,330 1,559 120 190 see 120 10 70 850 550 F 20.970 $ 3.030 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 sald: Problem 9-20 (Static) Critique a Report; Prepare a Performance Report (L09-1, LO9-2, LO9-3, L Tiplop Flight School offers flying lessons at a small municipal airport. The school's owner and manager has been attemptin evaluate performance and control costs using a variance report that compares the planning budget to actual results. A rece report appears below: TipTop Flight School Variance Report For the Month Ended July 31 Actual Results 155 Planning Budget 150 Variances Lessons 5 33.900 $33.600 5900 F U Revenue Expenses Instructor wages Aircraft depreciation Fue Maintenance Ground facility expenses Administration Total expense Het operating income U 9,870 5.890 2,750 2,450 1,500 3,320 25,820 $ 8,080 9,750 5,700 2,250 2,330 1,559 120 190 see 120 10 70 850 550 F 20.970 $ 3.030 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 sald