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 60 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 Cost per Cost per per Month Course Student $ 2,948 $310 $1,220 $ $5,100 $2,000 $3,600 $ 65 43 For example, administrative expenses should be $3,600 per month plus $43 per course plus $7 per student. The company's soles should average $870 per student. The company planned to run four courses with a total of 60 students; however, it actually ran four courses with a total of only 54 students. The actual operating results for September appear below. Actual $ 49,300 Revenue Instructor wages classroom supplies Utilities Campus rent $ 11,840 $ 18,450 $ 1,890 $ 5,100 Insurance $ 2,140 Administrative expenses $ 3,618 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 (l.e., zero variance). 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 54 S 49,300 11,040 18,450 1,890 5,100 2,140 3,618 42,238 S 7,082 Flexible Budget Planning Budget