Question: Required: 2.Complete the flexible budget performance report for the school for July. Note: Indicate the effect of each variance by selecting F for favorable,

Required: 2.Complete the flexible budget performance report for the school for July. Note: Indicate the effect of each variance by selecting "F" for favorable,

Required: 2.Complete the flexible budget performance report for the school for July. Note: 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 Lessons Revenue Flexible Budget Performance Report For the Month Ended July 31 Actual Results 145 $ 36,030 Flexible Budget Planning Budget 140 F $ 35,000 Expenses: Instructor wages 7,835 F U 7,700 Aircraft depreciation 5,365 None U 5,180 Fuel 3,430 U U 2,800 Maintenance 3,135 U U 3,000 Ground facility expenses 2,145 F U 2,220 Administration 3,625 F U 3,720 Total expense 25,535 U U 24,620 Net operating income $ 10,495 U F $ 10,380

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