Exercise 9-6 (Algo) Working with More Than One Cost Driver [LO9-2, LO9-3, LO9-5, LO9-6] The Gourmand Cooking School runs short cooking courses at its small campus, Management has identified two cost drivers it uses its budgeting and performance reports--the number of courses and the total number of students. For example, the school might ru two courses in a month and have a total of 60 students enrolled in those two courses. Data concerning the company's cost formula appear below Instructor wages CLASKOOR wupplies Utilities Campos rent TAROC Administrative expenses Fixed Cort per cost per cont per Month Course Student $ 2,910 $300 $1,240 $ 50 $5,200 $2,400 $3,700 For example, administrative expenses should be $3,700 per month plus $45 per course plus $4 per student. The company's sale should average $860 per student. The company planned to run four courses with a total of 60 students; however, it actually ran four courses with a total of only 52 students. The actual operating results for September were as follows: Ravenue Instructor wages Classroon supplies Utilities Campus rent Insurance Administrative expenses Actual $ 48,700 $10.920 $17.850 $ 1,850 $5,200 $ 2,540 $ 3,546 Required: Required: Prepare a flexible budget performance report that shows both revenue and spending variances and activity variances for Sep (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (l.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 Courses 4 Students 52 $ 48,700 Revenue Expenses: Instructor wages Classroom supplies Utilities Campus rent Insurance Administrative expenses Total expense Net operating income 10,920 17,850 1,850 5,200 2,540 3,546 41,906 6,794 $