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 65 students enrolled in those two courses Data concerning the company's cost formulas appear below Fixed Cost Cost Cost per per per Month Course Student Instructor wages $2,980 Classroom supplies $310 Utilities $1,230 $ 80 Campus rent $4,600 Insurance $2,400 Administrative $3,900 $ 42 $ 5 expenses For example, administrative expenses should be $3,900 per month plus $42 per course plus $5 per student. The company's sales should average $890 per student The company planned to run four courses with a total of 65 students, however, it actually ran four courses with a total of only 61 students. The actual operating results for September appear below Actual Revenue $54,950 Instructor wages $11,200 Classroom supplies $20,000 Utilities $ 1,968 Campus rent $ 4,680 Insurance $ 2,540 Administrative expenses $ 3,819 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 (.e., zero variance). Input all amounts as positive values.) Gourmand Cooking School Flexible Budget Performance Report For the Month Ended September 30 Actual Flexible Results Budget 4 61 Planning Budget Courses Students $ 54,950 Revenue Expenses: Instructor wages Classroom supplies Utilities Campus rent Insurance Administrative expenses Total expense Net operating income 11,200 20.000 1,960 4,600 2,540 3,819 44,119 $ 10,831