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 Fixed element per month 0 $ 0 $ 0 $25,500 Variable element per student $ 198 $ 0 $ 32 $ 7 Variable element per course $ 0 $2,900 $ 20 $ 32 In March, the school budgeted for 1,710 students and 68 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 1,610 Actual courses 71 Revenue $311, 340 Expenses: Faculty wages 204,950 Course supplies 52,590 Administrative 39,562 expenses Total expense 267,102 Net operating income $ 14,238 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)