Hislop Tech is a for-profit vocational school. The school bases its budget on two measures of activity (i.e. cost drivers), namely student and course. The school uses the following data in its budgeting:

Fixed Element Variable Element Variable Element

per month per student per course

Revenue $ 0 $ 212 $ 0

Faculty wages 0 0 2,100

Course supplies 0 37 45

Admin. Expenses 28,000 6 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 1,810

Actual courses 106

Revenue $ 387,740

Expenses:

Faculty wages 218,200

Course supplies 72,360

Admin. expenses 41,716

Total expenses 332,276

Net operating income $ 55,464

Prepare a report showing the schools revenue and spending variances for June. Label each variance as favorable (F) or unfavorable (U)