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. Dots concerning the company's cost formulas appear below: roon supplies Fixed Cost Cost per cost per per Month Course Student $ 2,970 $310 $ 1.240 $ 70 $4,600 $ 2.ee $ 3,620 $425 5 Insurance Administrative expenses For example, administrative expenses should be $3,600 per month plus $42 per course plus $5 per student. The company's soles should average $870 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 Instructor wages classroom supplies Utilities $ 11,162 $ 20,eee $ $ $ 4,6ee 2,140 3,519 Administrative expenses Required: Prepare a flexible budget performance report that shows both revenue and spending variances and activity variances for September. (Indicate the effect of each varlance 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 Results Flexible Budget Planning Budget Courses Students 61 Revenue S 53.650 Instructor wages Classroom supplies Utilities Campus rent Insurance Administrative expenses Total expense Net operating income 11,1601 20.000 1.930 TT 4,6001 2,140 3.5197 | $ 10,301