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 64 students enrolled in those two courses. Data concerning the company's cost formulas appear below: Fixed Cost per Cost per Month Cost per Student Course $2,930 Instructor wages $ 280 Classroom supplies. Utilities $1,220 $ 60 Campus rent $5,100 $2,400 Insurance Administrative expenses $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 $880 per student. The company planned to run four courses with a total of 64 students; however, it actually ran four courses with a total of only 60 students. The actual operating results for September were as follows: Actual $53,420 Revenue Instructor wages $11,000 $17,770 Classroom supplies Utilities $ 1,870 Campus rent $ 5,100 Insurance $ 2,540 Administrative expenses $ 3,778 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.) Gourmand Cooking School Flexible Budget Performance Report For the Month Ended September 30 Revenue and Actual Results Spending Variances Flexible Budget Activity Variances Planning Budget Courses Students 4 60 Revenue $ 53,420 $ Expenses: 11,000 17,770 1,870 5,100 2,540 3,778 42,058 11,362 Instructor wages Classroom supplies Utilities Campus rent Insurance Administrative expenses Total expense Net operating income $ 4 60 $ 52,800 4 64 56,320