## Answers

**Solution:**

Tiptop Flight School | |||||||

Flexible Budget Performance Report | |||||||

For the month ended July 31 | |||||||

Particulars | Actual results | Flexible Budget Variance | Flexible Budget | Sales volume variances | Static Budget | ||

Lessons | 220 | 220 | 215 | ||||

Revenue | $59,130.00 | $270.00 | U | $59,400.00 | $1,350.00 | F | $58,050.00 |

Less: Expenses: | |||||||

Instructor Wages | $17,385.00 | $215.00 | F | $17,600.00 | $400.00 | U | $17,200.00 |

Aircraft Depreciation | $7,260.00 | $0.00 | None | $7,260.00 | $165.00 | U | $7,095.00 |

Fuel | $4,550.00 | $590.00 | U | $3,960.00 | $90.00 | U | $3,870.00 |

Maintenance | $4,080.00 | $110.00 | U | $3,970.00 | $75.00 | U | $3,895.00 |

Ground facility expenses | $2,895.00 | $35.00 | F | $2,930.00 | $20.00 | U | $2,910.00 |

Administration | $4,025.00 | $175.00 | F | $4,200.00 | $15.00 | U | $4,185.00 |

Total Expenses | $40,195.00 | $275.00 | U | $39,920.00 | $765.00 | U | $39,155.00 |

Net Operating Income | $18,935.00 | $545.00 | U | $19,480.00 | $585.00 | F | $18,895.00 |

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