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TipTop Flight School offers flying lessons at a small municipal airport. The schools owner and manager has been attempting tThe planning budget was developed using the following formulas, where q is the number of lessons sold: $509 Cost Formulas Rev

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Tip Top Flight School
Flexible Budget Performance Report
For the month ended July 31
Actual Results Revenue/Spending Flexible   Activity Planning
Variance Budget Variance Budget
($) ($) ($) ($)
Lessons (q)                     140.00                  140.00          135.00
Revenue ($240q)               33,420.00                 180.00 U            33,600.00                1,200.00 F    32,400.00
Expenses:
Instructor wages ($50q)                 6,875.00                 125.00 F              7,000.00                    250.00 U      6,750.00
Aircraft depreciation ($36q)                 5,040.00                          -        -                5,040.00                    180.00 U      4,860.00
Fuel ($19q)                 3,185.00                 525.00 U              2,660.00                      95.00 U      2,565.00
Maintenance ($610 + $16q)                 2,895.00                   45.00 U              2,850.00                      80.00 U      2,770.00
Ground facility expenses ($1,750 + $2q)                 1,950.00                   80.00 F              2,030.00                      10.00 U      2,020.00
Administration ($3,420 + $1q)                 3,465.00                   95.00 F              3,560.00                        5.00 U      3,555.00
Total Expense               23,410.00                 270.00 U            23,140.00                    620.00 U    22,520.00
Net Operating Income               10,010.00                 450.00 U            10,460.00                    580.00 F      9,880.00
(Revenue - Expenses)
Explanation
Revenue/Spending Variance = Actual Result - Flexible Budget Amount
Activity Variances = Flexible Budget Amounts - Planning Budget Amounts
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