Roberds 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 student			Variable element per course
Revenue	$	0		$	258		$	0
Faculty wages	$	0		$	0		$	3,020
Course supplies	$	0		$	44		$	32
Administrative expenses	$	26,100		$	19		$	44

n March, the school budgeted for 1,830 students and 80 courses. The school's income statement showing the actual results for the month appears below:

Roberds Tech
Income Statement
For the Month Ended March 31
Actual students		1,730
Actual courses		83
Revenue	$	371,340
Expenses:
Faculty wages		210,950
Course supplies		58,590
Administrative expenses		64,562
Total expense		334,102
Net operating income	$	37,238

Prepare a flexible budget performance report showing both the school's activity variances and revenue and spending variances for March. Label each variance as favorable (F) or unfavorable (U).