For example, administrative expenses should be $3,900 per month plus $44 per course plus $6 per student. The companys sales should average $870 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 56 students. The actual operating results for September were as follows:

	Actual
Revenue	$	52,780
Instructor wages	$	11,120
Classroom supplies	$	19,050
Utilities	$	1,980
Campus rent	$	4,800
Insurance	$	2,340
Administrative expenses	$	3,886

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.)