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Tip Top Flight School offers flying lessons at a smal municipal airport. The school's owner and manager has been attempting to evaluate performance and control posts using a variante report that compares the planning budget to actus results. A recent variance report appears below: Tip Top Figh School Venance Report Fart Wandh Endaluy31 Actual Planning REAL Ver Lessons 175 170 Revenue S JY 400 $ 35,550 $ Expenses Instructores * 0.80 10.710 10U Arlon 8650 6.480 100U Fuel 3.970 3.GTO 4U Naina 3203 05 150 11 Grunddily expone 2245 2920 Administration 4275 4,340 TotalcXnGo 91 229 33,40 770 U Netocering income 5 $ 5.260 S S 51003 180 160 F 154 After several months of using such variance reports, the owner has become frustrated. For example, she is quite conficient that instructor wages were very sightly controlled in July, but the report shows an unfavorable wrance. The planning budget deksed using the following formules, where is the number of ons 2014 Cost Formulas Rev Instructor wages Arcal decretion $350 e Full $216 Maintenance $070+ $149 Community w $1840 $40 Administrador $4,170 - $10 Required: 2. Complete the Hedble budget performance report for the school for July (Indicate the effect of cach variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no cffect 1.c., zero variance). Input all amounts as positive values.) TipTop Fight School Flexible Budget Performance Report For the Month Ended July 31 Revenue and Spending Activity Valances Variances Leason RHUN | : CHE Aircraft carton Fuel Naintenance Ground facility xpenses Administration Total expense Nc operating income

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