The Gourmand Cooking School runs short cooking courses at its small campus. Management has identified two cost drivers it uses in its budgeting and performance reports-the number of courses and the total number of students. For example, the school might run two courses in a month and have a total of 60 students enrolled in those two courses. Data concerning the company's cost formulas appear below: Fixed Cost per Cost per Cost per Month Course Student $2,970 Instructor wages Classroom supplies Utilities Campus rent Insurance Administrative expenses $270 $1,220 65 $5,200 $2,200 $3,800 $46 $ 7 For example, administrative expenses should be $3,800 per month plus $46 per course plus $7 per student. The company's sales should average $880 per student. The company planned to run four courses with a total of 60 students; however, it actually ran four courses with a total of only 56 students. The actual operating results for September appear below: Revenue Instructor wages Classroom supplies Utilities Campus rent Insurance Administrative expenses Actual 49,900 $ 11,160 16,050 $ 1,890 $ 5,200 $ 2,340 $ 3,830 Required: 1. Prepare the company's planning budget for September 2. Prepare the company's flexible budget for September 3. Calculate the revenue and spending variances for September Required 1Required 2Required 3 Prepare the company's planning budget for September. Gourmand Cooking School Planning Budget For the Month Ended September 30 Revenue Expenses: Instructor wages Classroom supplies Utilities Campus rent Insurance Administrative expenses Total expense Net operating income Required 1Required 2 Required 3 Prepare the company's flexible budget for Sept Gourmand Cooking School Flexible Budget For the Month Ended September 30 Revenue Expenses: Instructor wages Classroom supplies Utilities Campus rent Insurance Administrative expenses Total expense Net operating income Calculate the revenue and spending 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.) Gourmand Cooking School Revenue and Spending Variances For the Month Ended September 30 Actual Results Revenue and Spending Variances Flexible Budget Courses 4 Students 56 Revenue $ 49,900 Expenses Instructor wages Classroom supplies Utilities Campus rent Insurance Administrative expenses 11,160 16,050 1,890 5,200 2,340 3,830 40,470 9,430 Total expense Net operating income