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: Instructor wages Classroom supplies Utilities Campus rent Insurance Administrative expenses Fixed Cost per Cost per Cost per Month Course $ 2,950 Student $ 270 $ 1,210 $ 55 $ 4,600 $ 2,300 $ 3,800 $ 42 $ 6 For example, administrative expenses should be $3,800 per month plus $42 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 65 students; however, it actually ran four courses with a total of only 63 students. The actual operating results for September were as follows: Revenue Actual $ 55,600 Instructor wages $ 11,080 Classroom supplies $ 17,400 Utilities $ 1,840 Campus rent $ 4,600 Insurance Administrative expenses Required: $ 2,440 $ 3,784 Prepare a flexible budget performance report that shows both revenue and spending variances and activity variances for September. 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 Revenue and Spending Variances 63 $ 55,600 Flexible Activity Variances Planning Budget Budget U 11,080 F None 17,400 U F 1,840 4,600 0 None 2,440 None 0 None 0 None 3,784 F F 41,144 F F $ 14,456 U [U