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	$ 298	$ 0
Faculty wages	$ 0	$ 0	$ 3,100
Course supplies	$ 0	$ 52	$ 40
Administrative expenses	$ 26,500	$ 27	$ 52

In March, the school budgeted for 1,910 students and 88 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	1,810
Actual courses	91
Revenue	$ 411,340
Expenses:
Faculty wages	214,950
Course supplies	62,590
Administrative expenses	84,562
Total expense	362,102
Net operating income	$ 49,238

Required:

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).

Note: 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.