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3.
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:
Lessons
Revenue
TipTop Flight School
Variance Report
For the Month Ended July 31
Actual
Results
155
$32,470
Expenses:
Instructor wages
Aircraft depreciation
Fuel
Maintenance
Ground facility expenses
Administration
Total expense
Net operating income
Planning
Budget
Variances
150
$ 31,500 $970 F
9,800
5,890
3,630
2,570
2,025
4,260
9,600
5,700
3,150
2,460
2,090
4,360
200
190
480
110
65
100
U
U
U
U
F
F
28,175
27,360
815 U
$ 4,295
$ 4,140
$155 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 q is the number of lessons sold:
Revenue
Instructor wages
Aircraft depreciation
Fuel
Maintenance
Ground facility expenses
Administration
Cost Formulas
$210q
$64q
$38q
$21q
$ 660 + $12q
$1,640 + $3q
$4,210 + $1q
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).)
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TipTop Flight School
Variance Report
For the Month Ended July 31
Lessons
Revenue
Expenses:
Instructor Wages
Aircraft Depreciation
Fuel
Maintenance
Ground Facility
Administration
Total Expenses
Net Opertaing Income
...
Completion Status:
100%
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