Poljak 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 element per month variable element per month variable element per course

revenue $0 $296 $0

faculty wages $0 $0 $2400

course supplies $0 $50 $40

administrative expenses $38600 $14 $20

In February, the school budgeted for 1,970 students and 137 courses. The school's income statement showing the actual results for the month appears below:

Actual students 2370

Actual courses $142

Revenue $712,020

Expenses Faculty wages $336,260

Course supplies $124,010

Administrative expenses $73,660

Total Expenses $533,930

Net operating income $178,090

Required: Prepare a report showing the school's revenue and spending variances for February. Label each variance as favorable (F) or unfavorable (U).