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 50 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 $ 3,080 Classroom supplies $ 260 Utilities $ 870 $ 130 Campus rent $ 4,200 Insurance $ 1,890 Administrative expenses $ 3,270 $ 15 $ 4 For example, administrative expenses should be $3,270 per month plus $15 per course plus $4 per student. The company's sales should average $800 per student The company planned to run three courses with a total of 45 students; however, it actually ran three courses with a total of only 42 students. The actual operating results for September were as follows: Revenue Instructor wages Classroom supplies Utilities Campus rent Insurance Administrative expenses Actual $ 32,400 $ 9,880 $ 8,540 $ 1,530 $ 4,200 $ 1,890 $ 3,790 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 Flexible Actual Results Budget Planning Budget 3 42 $ 32,400 Courses Students Revenue Expenses: Instructor wages Classroom supplies Utilities Campus rent Insurance Administrative expenses 9,080 8,540 1,530 4,200 1,890 3,790 Total expense 29,030 3,370 $ Net operating income