Instructor wages Classroom supplies Utilities Campus rent Insurance Administrative expenses Fixed Cost per cost per cost per Month Course Student $ 2,976 $ 260 $1,22e $ 60 $ 4,600 $ 2,200 $ 3,800 $ 41 $ 5 For example, administrative expenses should be $3,800 per month plus $41 per course plus $5 per student. The company's sales should average $880 per student. The company planned to run four courses with a total of 65 students, however, it actually ran four courses with a total of only 63 students. The actual operating results for September were as follows: Revenue Instructor wages Classroom supplies Utilities Campus rent Insurance Administrative expenses Actual $ 54,300 $ 11, 160 $ 16,750 $ 1,870 $ 4,600 $ 2, 340 $ 3,715 Required: Prepare a flexible budget performance report that shows both revenue and spending variances and activity variances for September. (Indicate the effect of each varlance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (I.e., zero varlance). Input all amounts as positive values.) Gourmand Cooking School Flexible Budget Performance Report For the Month Ended September 30 Actual Results Revenue and Spending Variances Flexible Budget Activity Variances Planning Budget Courses 4 63 Students Revenue S 54.300 Expenses: Instructor wages Classroom supplies 11.180 16.750 Utilities 1.870 Campus rent Insurance 4.800 2.340 3,715 Administrative expenses Total expense 40.435 Net operating income $ S 13.865