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 61 students enrolled in those two courses. Data concerning the company's cost formulas appear below: Instructor wages Classroom supplies Utilities Fixed Cost per Cost per Cost per Month Course $ 2,960 Student $ 270 $ 1,220 $ 70 Campus rent $ 4,700 Insurance Administrative expenses $ 2,000 $ 3,700 $ 46 $ 6 For example, administrative expenses should be $3,700 per month plus $46 per course plus $6 per student. The company's sales should average $900 per student. The company planned to run four courses with a total of 61 students; however, it actually ran four courses with a total of only 55 students. The actual operating results for September were as follows: Revenue Actual $ 52,000 Instructor wages $ 11,120 Classroom supplies $ 16,320 Utilities $ 1,910 Campus rent $ 4,700 Insurance $ 2,140 Administrative expenses $ 3,676 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.) Courses Students Revenue Expenses: Instructor wages Classroom supplies Utilities Campus rent Insurance Administrative expenses Total expense Net operating income Gourmand Cooking School Flexible Budget Performance Report For the Month Ended September 30 Actual Results 4 55 $ 52,000 11,120 16,320 1,910 4,700 2,140 3,676 39,866 $ 12,134 Flexible Budget Planning Budget