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 reportsthe 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 60 students enrolled in those two courses. Data concerning the company's cost formulas appear below: Instructor wages Classroom supplies Utilities Campus rent Insurance Administrative expenses Fixed Cost Cost Cost per per per Month Course Student $2,960 $280 $1,240 $ 70 $4,700 $2,100 $3,700 $ 43 $ 6 For example, administrative expenses should be $3,700 per month plus $43 per course plus $6 per student. The company's sales should average $880 per student. The company planned to run four courses with a total of 60 students; however, it actually ran four courses with a total of only 52 students. The actual operating results for September were as follows: Actual Revenue $49,900 Instructor wages $11, 120 Classroom supplies $16,650 Utilities $ 1,930 Campus rent $ 4,700 Insurance $ 2, 240 Administrative $ 3,658 expenses 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 Flexible Results Budget Planning Budget 4 Courses Students 52 $ 49,900 Revenue Expenses: Instructor wages Classroom supplies Utilities Campus rent Insurance Administrative expenses Total expense Net operating income 11,120 16,650 1,930 4,700 2,240 3,658 40,298 9,602 $