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 63 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 per Cost per cost per Month Course Student $ 2,970 $ 310 $1,230 $ 70 $5,200 $2,300 $3,900 $ 44 $ 5 For example, administrative expenses should be $3,900 per month plus $44 per course plus $5 per student. The company's sales should average $860 per student. The company planned to run four courses with a total of 63 students; however, it actually ran four courses with a total of only 57 students. The actual operating results for September appear below: Revenue Instructor wages Classroom supplies Utilities Campus rent Insurance Administrative expenses Actual $ 51,280 $ 11,160 $ 19,380 $ 1,920 $ 5,200 $ 2,440 $ 3,817 Required 1 Required 2 Required 3 Prepare the company's planning budget for September. Gourmand Cooking School Planning Budget For the Month Ended September 30 Revenue Expenses: Instructor wages Classroom supplies Utilities Campus rent Insurance Administrative expenses Total expense Net operating income Required 1 Required 2 Required 3 Prepare the company's flexible budget for September. Gourmand Cooking School Flexible Budget For the Month Ended September 30 Revenue Expenses: Instructor wages E Classroom supplies Utilities Campus rent Insurance Administrative expenses Total expense Net operating income Required 1 Required 2 Required 3 Calculate the revenue and spending 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 Revenue and Spending Variances For the Month Ended September 30 Actual Revenue and Spending Results Variances Flexible Budget Courses 4 Students 57 Revenue $ 51,280 Expenses: Instructor wages Classroom supplies | | 11,160 19,380 | 1,920 5,2001 Utilities Campus rent Insurance 2,440 Administrative expenses Total expense 3,817 43,917 7,363 Net operating income