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 $ 26,400 Variable element per student $ 288 $ 50 $ 25 Variable element per course $ $3,080 $ 38 $ 50 ta In March, the school budgeted for 1,890 students and 86 courses. The school's income statement showing the actual results for the month appears below: 1,790 89 $401, 340 Roberds Tech Income Statement For the Month Ended March 31 Actual students Actual courses Revenue Expenses: Faculty wages Course supplies Administrative expenses Total expense Net operating income 213,950 61,590 79,562 355, 102 $ 46,238 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). (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.) Roberds Tech Flexible Budget Performance Report For the Month Ended March 31 Actual Results Revenue and Spending Variances Flexible Budget Activity Variances Planning Budget Students 1,790 1,890 1,790 89 Courses 89 86 Revenue Expenses: Faculty wages Course supplies Administrative expenses Total expense Net operating income