Problem 9-20 (Static) Critique a Report; Prepare a Performance Report (L09-1, LO9-2, L09-3, L09-4] TipTop Flight School offers flying lessons at a small municipal aliport. 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 varian report appears below: TipTop Fight School 2 Variance Report For the Month Ended July 11 Actual Results 255 Planning Dudget 150 Lessons 11.200 23.000 9,670 9.750 3.700 120 190 Revenue Expenses Instructor wages Aircraft depreciation Fuel Maintenance Ground facility wpenses Admistration total expense Net operating incon U 2.750 2.450 1,500 120 25.020 1.550 F 24.970 $ 8,030 IO Te 350 $50 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 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 a is the number of lessons sold: Revenue Instructor wages Aircraft depreciation tuol Maintenance Ground facility expenses Administration Cost Formulas $2204 $654 $380 $150 $530 - $120 $1,250 $20 53,240 - $10 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 Rosulta Planning