Hislop Tech is a for-profit vocational school. The school bases its budgets on two measures of activity (i.e., cost drivers), namely student and course. The school uses the following data in its budgeting: Fixed Variable Variable element per element per element per month Revenue $ 0 student $ 212 course $ 0 Faculty wages $ 0 Course supplies $ 0 Administrative expenses $ 28,800 $ 0 $ 37 $ 6 $ 2,100 $ 45 $ 26 In June, the school budgeted for 1,910 students and 111 courses. The school's income statement showing the actual results for the month appears below: Hislop Tech Income Statement For the Month Ended June 30 Actual students Actual courses Revenue 1,810 106 $ 387,740 Expenses: Faculty wages Course supplies Administrative expenses Total expense Net operating income Required: 218,200 72,360 41,716 332,276 $ 55,464 Prepare a report showing the school's revenue and spending variances for June. Label each variance as favorable (F) or unfavorable (U)