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: Revenue Faculty wages Course supplies Administrative expenses Variable Fixed element element per per month student Variable element per course $ 0 $ 0 $ 0 $ 26,300 $ 278 $ 0 $ 48 $ 23 $ 0 $ 3,060 $ 36 $ 48 In March, the school budgeted for 1,870 students and 84 courses. The school's income statement showing the actual results for the month appears below: Actual students Actual courses Revenue Expenses: Roberds Tech Income Statement For the Month Ended March 31 Faculty wages 1,770 87 $ 391,340 212,950 Course supplies Administrative expenses Total expense Net operating income Required: 60,590 74,562 348,102 $ 43,238 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). (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.) Students Courses Revenue Expenses: Faculty wages Course supplies Administrative expenses Total expense Net operating income Roberds Tech Flexible Budget Performance Report For the Month Ended March 31 Actual Results Revenue and Spending Variances Flexible Budget Activity Variances Planning Budget 1,770 87 1,770 87 1,870 84