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The company planned to run four courses with a total of 62 students; however, it actually ran four courses with a total of only 54

The company planned to run four courses with a total of 62 students; however, it actually ran four courses with a total of only 54 students. The actual operating results for September appear below:

Actual
Revenue $ 52,900
Instructor wages $ 11,040
Classroom supplies $ 15,970
Utilities $ 1,910
Campus rent $ 4,800
Insurance $ 2,440
Administrative expenses $ 3,480

Required:

Prepare a flexible budget performance report that shows both revenue and spending variances and activity variances for September. (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.)

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