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.) TipTop Flight School Flexible Budget Performance Report For the Month Ended July 31 Lessons Revenue Expenses: Actual Results 155 $ 36,970 Flexible Budget Planning Budget 150 $ 36,000 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