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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

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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 variance report appears below. TipTop Flight School Variance Report Fee the Month Ended July 31 Actu Planning Dadget Lessons 220 215 Variances 359, 130 $ 58,050 $1.080 F Revenue Expenses Tastructor wages Aircraft depreciation Puel Maintenance Ground facility expenses Administration Total expense Net operating in 17.385 7.260 4.550 4,080 2. 895 1.025 10. 195 $18.935 17. 200 7.095 3,870 3,898 9,910 4,185 39. 155 $ 18,595 186 U 165 U 680 185 15 F 160 F 1. 010 40 F After several months of using such variance 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; Revenue Instructor wages Alrcraft depreciation Fuel Maintenance Ground facility expenses Administration Cost Formats $270 $80 $330 $189 5670 - $150 $2.050 - $10 $3.540 - $34 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 Results 220 Flexible Budget Planning Budget 215 Lessons Revenue $ 59,130 $ 58,050 $ 17,385 7,260 Expenses Instructor wages Aircraft depreciation Fuel Maintenance Ground facility expenses Administration 4,550 4,080 2,895 4,025 17,200 7,095 3,870 3,895 2,910 4,185 39,155 $ 18,895 Total expense 40,195 $ 18,935 Net operating income