Lessons Revenue Expenses: Instructor wages Aircraft depreciation Fuel Maintenance Ground facility expenses Administration Total expenses Net operating income Revenue Instructor wages Aircraft depreciation Fuel Maintenance Ground Administration lity expenses Lessons Revenue Expenses: TipTop Flight School Variance Report For the Month Ended July 31 Instructor wages Aircraft depreciation Fuel Maintenance Ground facility expenses Administration Total expenses Net operating income Actual Results 145 $ 36,030 After several months of using these reports, the owner has become frustrated. For example, she is confident instructor wages were very tightly controlled in July, but the report shows an unfavorable variance. She developed the planning budget using the following formulas, where g is the number of lessons sold: Cost Formulas $250q $55q 7,835 5,365 3,430 3,135 2,145 3,625 25,535 $ 10,495 $379 $209 $620 + $179 $1,800+ $30 $3,440 + $29 Actual Results 145 $ 36,030 7,835 5,365 3,430 3.135 2,145 3,625 25,535 $ 10,495 Planning Budget 140 $ 35,000 Required: 2. Complete the flexible budget performance report for the school for July. Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values. 7,700 5,180 2,800 3,000 2,220 3,720 24,620 $ 10,380 TipTop Flight School Flexible Budget Performance Report For the Month Ended July 31 U Variances $ 1,030 F X Answer is not complete. Revenue and Flexible Spending Variances Budget 145 ✔$ 36,250✔ F ✔ 0✔ None ✔ U ✔ ✔ U F ✔ F ✔ U ✔ U ✔ 135 U 185 U 630 U 135 U 75 F 95 F 915 U $ 115 F 7,975✔ 5,365✔ 2,900✔ Activity Variances F U U U U U uכ › › › › › U ✓ U ✔ ›› Planning Budget 140 $ 35,000 7,700 5,180 2,800 3,000 2,220 3,720 24,620 $ 10,380

Manufacturing cost is the total cost of procuring or producing a product. In other words, the manufacturing cost is the cost that an individual or business owner undertakes for the manufacturing of goods.