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 apps below: Fixed Coot per cost per cont per Month Courne Student Instructor wages $ 3,080 Classroom supplies $260 Utilities $ 870 5 130 Campus rent $4,200 Insurance $ 1,990 Ministrative expenses $ 3,270 15 $ For example, administrative expenses should be $3.270 per month plus $15 per course plus S4 per student. The School's revenues should be $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: Revenge Instructor wages Classroom supplies titles Campus test Insurance ministrative expenses Actual $ 32,400 $9.080 $0.540 $ 1.530 $ 4,200 $ 1,990 53.750 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 Actual Results Revenue and Flexible Spending Variances Budget Activity Variances Planning Edge Courses 3 Students 42 $ 32,400 Revenue Expenses: Instructor wages Classroom supplies Utilities Campus rent Insurance Administrative expenses Total expense Net operating income 9,080 8,540 1,530 4,200 1,890 3,790 29,030 3,370 $