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The Gourmand Cooking School runs short cooking courses at its small campus. Management has identied two cost drivers it uses in its budgeting and performance reportsthe 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 61 students enrolled in those two courses. Data concerning the company's cost formulas appear below: Fixed Cost per Cost per Cost per Month Course Student Instructor wages $2,950 Classroom supplies $310 Utilities $1,220 $ 85 Campus rent $4,900 Insurance $2,100 Administrative expenses $3,900 $ 45 $ 5 I For example, administrative expenses should be $3,900 per month plus $45 per course plus $5 per student. The company's sales should average $860 per student. The company planned to run four courses with a total of 61 students; however, it actually ran four courses with a total of only 59 students. The actual operating results for September were as follows: Actual Revenue $49,560 Instructor wages $11,080 Classroom supplies $18,760 Utilities $ 1,970 Campus rent $ 4,900 Insurance $ 2,240 Arlm'in'ic'l'rnt'iun nymph-:94: 4: 3,911 Prepare a flexible budget performance report that shows both revenue and spending variances and activity for September. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and for no effect (i.e., zero variance). Input all amounts as positive values.) Gourmand Cooking School Flexible Budget Performance Report For the Month Ended September 30 Actual Results Revenue and Flexible Planning Spending Variances Budget Activity Variances Budget Courses 4 4 4 Students 59 59 61 Revenue $ 49,560 F F Expenses: Instructor wages 11,080 Classroom supplies 18,760 Utilities 1,970 Campus rent 4,900 Insurance 2,240 Administrative expenses 3,811 Total expense 42,761 Net operating income $ 6,799