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 Month Cost per Course $ 2,950 Student $270 $1,240 $ 50 $4,600 $2,200 $3,700 $ 43 $ 5 For example, administrative expenses should be $3,700 per month plus $43 per course plus $5 per student. The company's sales should average $880 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 61 students. The actual operating results for September were as follows: Actual Revenue $ 54,300 Instructor wages $ 11,080 Classroom supplies $ 17,400 Utilities $ 1,850 Campus rent $ 4,600 Insurance $ 2,340 Administrative expenses $ 3,623 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.)