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 Cost per Month Course Student Instructor wages $ 2,960 Classroom supplies $ 310 Utilities $ 1, 210 $ 70 Campus rent $ 5,000 Insurance $ 2,400 Administrative expenses 3,800 $ 46 6 For example, administrative expenses should be $3,800 per month plus $46 per course plus $6 per student. The company's sales should average $860 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 58 students. The actual operating results for September were as follows: Actual Revenue 52 , 140 Instructor wages $ 11, 120 Classroom supplies 19, 690 Utilities $ 1, 900 Campus rent $ 5,000 Insurance $ 2,540 Administrative expenses 3, 794Required: 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 Actual Results Flexible Planning Budget Budget Courses Students 58 Revenue $ 52,140 Expenses: Instructor wages 11,120 Classroom supplies 19,690 Utilities 1,900 Campus rent 5,000 Insurance 2,540 Administrative expenses 3,794 Total expense 44,044 Net operating income 8,096