The Gourmand Cooking School runs short cooking courses at its small compus. 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 Campus rent Insurance Administrative expenses Fixed Cost per Month Cost per Course $ 2,970 Cost per Student 5270 $1,210 $75 54,700 $2,300 $3,800 $ 41 $4 For example, administrative expenses should be $3,800 per month plus $41 per course plus $4 per student. The company's sales should average $880 per student The company planned to run four courses with a total of 61 students; however, it actually ran four courses wite total of only 55 students. The actual operating results for September appear below Revenue Instructor wages Classroom supplies Utilities Campus rent Insurance Administrative expenses Required: Actual $ 50,780 $ 11,160 $ 16,320 $1,920 $ 4,700 $2,440 $3,634 1 Prepare the company's planning budget for September 2. Prepare the company's flexible budget for September 3. Calculate the revenue and spending variances for September Required 1 Required 2 Required 3 Prepare the company's planning budget for Septemb Gourmand Cooking School Planning Budget For the Month Ended September 30 Revenue Expenses: Instructor wages Classroom supplies Utilities Campus rent Insurance Administrative expenses Total expense Net operating income 0 $ 0 Required 1 Required 2 Required 3 Prepare the company's flexible budget for Septe Gourmand Cooking School Flexible Budget For the Month Ended September 30 Revenue Expenses: Instructor wages Classroom supplies Utilities Campus rent Insurance Administrative expenses Total expense Net operating income 0 $ 0 Required 1 Required 2 Required 3 Calculate the revenue and spending variances for September. (Indicate the effect c favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input Gourmand Cooking School Revenue and Spending Variances For the Month Ended September 30 Actual Revenue and Spending Results Variances Flexible Budget Courses Students 4 55 Revenue 50,780 Expenses: Instructor wages 11,160 Classroom supplies 16,320 Utilities 1,920 Campus rent 4,700 Insurance 2,440 Administrative expenses 3,634 Total expense Net operating income 40,174 $ 10,606