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 62 students enrolled in those two courses. Data concerning the company's cost formulas appear below: Instructor wages Classroom supplies Utilities Campus rent Insurance Administrative expenses Fixed Cost per Month Cost per Course Cost per Student $ 2,940 $ 260 $ 1,210 $ 65 $ 4,800 $ 2,100 $ 3,700 $ 41 $ 4 For example, administrative expenses should be $3,700 per month plus $41 per course plus $4 per student. The company's sales should average $860 per student. The company planned to run four courses with a total of 62 students; however, it actually ran four courses with a total of only 60 students. The actual operating results for September were as follows: Revenue Instructor wages Classroom supplies Campus rent Insurance Utilities Actual $ 50,420 $ 11,040 $ 15,970 $ 1,880 $ 4,800 $ 2,240 Administrative expenses $ 3,538 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 (l.e., zero varlance). Input all amounts as positive values.) Gourmand Cooking School Flexible Budget Performance Report For the Month Ended September 30 Courses Students Revenue Expenses: Instructor wages Classroom supplies Utilities Campus rent Insurance Administrative expenses Total expense Net operating income Actual Results 4 60 $ 50,420 11,040 15,970 1,880 4,800 2,240 3,538 39,468 $ 10,952 Flexible Budget Planning Budget