Exercise 9-18 Working with More Than One Cost Driver (LO9-2, LO9-3, LO9-4, 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 62 students enrolled in those two courses. Data concerning the company's cost formulas appear below: Fixed cost per cost per cont per Month Cou Student $ 2,930 5290 $ 55 Instructor wages classroon supplies Utilities Campus rent Insurance Administrative expenses $ $ 5 1,230 4.600 2.300 3,600 . 464 For example, administrative expenses should be $3,600 per month plus $40 pet course plus $4 per student. The company's sales should average $870 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 ony 52 students. The actual operating results for September appear below. Action Revenge $51,040 Instructor wages $11,000 Classroom supplies $ 17,830 5 1,900 Campus rent 4,600 $ 2,440 Administrative expenses Utilities Insurance 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 Planning Budget 4 Courses Students 52 $ 51,040 Reverin Expenses Instructor wages Classroom supplies Utilities Campus rent Insurance Administrative expenses Total expense Net operating income 15,000 57,830 1,900 4,600 2.440 3.434 41,204 0.836 $