2 The Gourmand Cooking School runs short cooking courses at its small campus. Management has identified two cost drivers it uses in its budgeting and performance reports-the number of courses and the total number of students. For example, the school might run two courses in a month and have a total of 62 students enrolled in those two courses. Data concerning the company's cost formulas appear below: 10 points eBook Fixed Cost Cost Cost per per per Month Course Student Instructor wages $2,910 Classroom supplies $280 Utilities $1,210 $ 80 Campus rent $5, 100 Insurance $2,300 Administrative $3,800 $ 46 $ 4 expenses Print Reference For example, administrative expenses should be $3,800 per month plus $46 per course plus $4 per student. The company's sales should average $860 per student. The company planned to run four courses with a total of 62 students; however, it actually ran four courses with a total of only 56 students. The actual operating results for September appear below: Actual Revenue $50, 420 Instructor wages $ 10,920 Classroom supplies $17,210 Utilities $ 1,940 Campus rent $ 5,100 Insurance $ 2,440 Administrative $ 3,658 expenses Required: Prepare a flexible budget performance report that shows both revenue and spending variances and activity variances for September. (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.) Gourmand Cooking School Flexible Budget Performance Report For the Month Ended September 30 Actual Flexible Results Budget 4 56 Planning Budget Courses Students $ 50,420 Revenue Expenses: Instructor wages Classroom supplies Utilities Campus rent Insurance Administrative expenses Total expense Net operating income JJ__ 10.920 17,210 1,940 5,100 2,440 3,658 41,268 9,152