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 Cost per cont per cost per Student Instructor wagen $2,960 Classroom supplies Utilities $1,220 Campus rent Insurance Administrative expenses $3,800 $ $ 3 Month Course $290 $ 50 $5,200 $2,100 42 For example, administrative expenses should be $3,800 per month plus $42 per course plus $3 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 52 students. The actual operating results for September were as follows: Revenue Instructor wagen Classroom supplies Utilities Campos rent Tonurance Administrative expenses Actual 551,040 $11,120 $ 17,830 5 1.830 $ 5,200 $ 2,240 $ 3,580 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 "P" for favorable, "U" for unfavorable, and "None" for no effect (1.e., zero variance). Input all amounts as positive values.) Flexible Budget Performance Report For the Month Ended September 30 Actual Results Flexible Budget Planning Budget 4 Courses Students 52 $ 51,040 0 None fu OF Revenue Expenses: Instructor wages Classroom supplies Utilities Campus rent Insurance Administrative expenses Total expense Not operating income 11,120 17,830 1,830 5,200 O None 0 None (8,880) (13,050) (1,370) (5,220) (2,100) (4,061) (34,681) 1,319 None U TF 2240 O None 3,580 41,800 9.240 LE OF du S