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 reportsthe 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 Month Cost per Course $ 2,920 Cost per Student $260 $ 90 Instructor wages classroom supplies Utilities Campus rent Insurance Administrative expenses $ $ $ 1,210 4,800 2,100 $ 3,700 $ 41 $ 5 For example, administrative expenses should be $3,700 per month plus $41 per course plus $5 per student. The company's sales should average $850 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 52 students. The actual operating results for September appear below: For example, administrative expenses should be $3,700 per month plus $41 per course plus $5 per student. The company's sales should average $850 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 52 students. The actual operating results for September appear below: Revenue Instructor wages classroom supplies Utilities Campus rent Insurance Administrative expenses Actual $ 48,100 $ 10,960 $ 15,450 $ 1,980 $ 4,800 $ 2,240 $ 3,590 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 liezero variance), Input all amounts as positive values.) Gourmand Cooking School Flexible Budget Performance Report For the Month Ended September 30 Actual Results Revenue and Spending Variances Flexible Budget Activity Variances Planning Budget Courses 4 Students 52 Revenue $ 48,100 $ 44,200 F U Expenses: Instructor wages Classroom supplies 10,960 F O None 15,450 U F Utilities U O None Campus rent 1,980 4,800 2,240 O None O None Insurance U O None Administrative expenses 3,590 F Total expense U F 39,020 9,080 Net operating income $ F U