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 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: Instructor wages Classroom supplies Utilities Fixed Cost per Cost per Cost per Month $ 1,240 Course $ 2,910 Student $ 260 $ 75 Campus rent $ 5,200 Insurance $ 2,100 Administrative expenses $ 3,700 $ 42 $ 6 For example, administrative expenses should be $3,700 per month plus $42 per course plus $6 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 58 students. The actual operating results for September were as follows: Actual Revenue $ 50,420 Instructor wages $ 10,920 Classroom supplies $ 15,970 Utilities $ 1,950 Campus rent $ 5,200 Insurance $ 2,240 Administrative expenses $ 3,666 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) Innut all amounts ac nocitive values < Prev 6 of 6 Next > Courses Students Revenue Expenses: Instructor wages Classroom supplies Utilities Campus rent Insurance Administrative expenses Total expense Net operating income Gourmand Cooking School Flexible Budget Performance Report For the Month Ended September 30 Actual Results EA 4 58 50,420 10,920 15,970 1,950 5,200 2,240 3,666 39,946 $ 10,474 Flexible Planning Budget Budget