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: Fixed Month Cost per Cost per Cost per Instructor wages Classroom supplies Utilities Campus rent Insurance Administrative expenses Course Student $2,930 $280 $1,240 $ 80 $4,600 $2,400 $3,900 $ 45 $ 5 For example, administrative expenses should be $3,900 per month plus $45 per course plus $5 per student. The company's sales should average $870 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 54 students. The actual operating results for September appear below: Actual Revenue Instructor wages Classroom supplies Utilities $51,040 $11,000 $17,210 $ 1,970 Campus rent $ 4,600 Insurance $ 2,540 Administrative expenses $ 3,816 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 54 $ 51,040 11,000 17,210 1,970 4,600 2,540 3,816 41,136 $ 9,904 Flexible Plannin Budget Budget