Exercise 9-18 Working with More Than One Cost Driver [LO9-2, LO9-3, L09-4, LO9-5) 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 64 students enrolled in those two courses. Data concerning the company's cost formulas appear below Fixed Cost Cost Cost per per Month Course Student $2,960 Instructor wages Classroom supplies Utilities Campus rent Insurance Administrative expenses $300 $1,250$ 60 $5,100 $2,400 $4,000 45 4 For example, administrative expenses should be $4,000 per month plus $45 per course plus $4 per student. The company's sales should average $880 per student. The company planned to run four courses with a total of 64 students; however, it actually ran four courses with a total of only 58 students. The actual operating results for September appear below: Actual $53,420 $11,120 lassroom supplies S19,050 $ 1,900 $ 5,100 $ 2,540 Revenue Instructor wages Utilities Campus rent Insurance Administrative expenses $ 3,86.2 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 Results Flexible Budget Plannin Budget Courses Students 4 58 Revenue Expenses $ 53,420 11,120 19,050 1,900 5,100 2,540 3,862 43,572 Net operating income$9,848 Instructor wages Classroom supplies Utilities Campus rent Insurance Administrative expenses Total expense