The planning budget was developed using the following formulas, where q is the number of lessons...

 

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The planning budget was developed using the following formulas, where q is the number of lessons sold: Cost Formulas $250g Revenue Instructor wages $55g $379 $20g $620 + $179 $1,800 + $3q $3,440 + $29 Aircraft depreciation Fuel Maintenance Ground facility expenses Administration 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 Actual Results Flexible Planning Budget Budget Lessons 145 140 $ 35,000 Revenue Expenses: Instructor wages $ 36,030 7,835 7,700 Airoraft depreciation 5,365 5,180 Fuel 3,430 2,800 Maintenance 3,135 3,000 Ground facility expenses 2,145 2,220 Administration 3,625 3,720 Total expense 25,535 24,620 Net operating income $ 10,495 $ 10,380 The planning budget was developed using the following formulas, where q is the number of lessons sold: Cost Formulas $250g Revenue Instructor wages $55g $379 $20g $620 + $179 $1,800 + $3q $3,440 + $29 Aircraft depreciation Fuel Maintenance Ground facility expenses Administration 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 Actual Results Flexible Planning Budget Budget Lessons 145 140 $ 35,000 Revenue Expenses: Instructor wages $ 36,030 7,835 7,700 Airoraft depreciation 5,365 5,180 Fuel 3,430 2,800 Maintenance 3,135 3,000 Ground facility expenses 2,145 2,220 Administration 3,625 3,720 Total expense 25,535 24,620 Net operating income $ 10,495 $ 10,380

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