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 vages classroon supplies Utilities Campus rent Insurance Asinistrative expenses Fixed cout per cost per cost per Month Course Student $2,920 $290 $1,230 5 80 35,000 $2,000 3,700 For example, administrative expenses should be $3,700 per month plus $46 per course plus $4 per student. The company's sales should average $860 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: Revenue Instructor wages Classroom supplies Utilities Campos rent Thorance Administrative expenses hetual 953,000 $ 10,960 517,400 $ 1.90 55,000 $ 2.140 3,570 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 (ie, zero variance). Input all amounts as positive values.) Gourmand Cooking School Flexible Budget Performance Report For the Month Ended September 30 Revenue and Flexible Actual Results Spending Variances Budget Activity Variances Planning Budget Courses Students 4 4 61 61 65 $ 53,000 U TU None Revenue Expenses Instructor wages Classroom supplies Utilities Campus rent Insurance Administrative expenses Total expense Net operating income TU None 10,980 17.400 1,960 5,000 2.140 3.570 41.030 11.070 None None None $ ru