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TipTop Flight School offers flying lessons at a small municipal airport. 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 For the Month Ended July 31
Actual Results
Planning Budget
Variances
Lessons
195
190
Revenue
$
39,920
38,950
970
F
Expenses:
Instructor wages
11,950
11,780
170
U
Aircraft depreciation
7,605
7,410
Fuel
4,060
3,610
450
Maintenance
3,420
3,300
120
Ground facility expenses
1,935
2,000
65
Administration
4,330
4,390
60
Total expense
33,300
32,490
810
Net operating income
6,620
6,460
160
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 qis the number of lessons sold:
Cost Formulas
$205q
$62q
$39q
$19q
$ 640 + $14q
$1,620 + $2q
$4,200 + $1q
Required:
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).)
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