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 61 students enrolled in those two courses. Data concerning the company's cost formulas appear below: Instructor wages Classroom supplies Utilities Campus rent Inserance Administrative expen Fixed Cost per cost per cost per Month Course Student $2,970 $300 $1.200 $ 50 $4,600 $2,100 $4,000 For example, administrative expenses should be $4.000 per month plus $42 per course plus $6 per student. The company's sales should average $870 per student The company planned to run four courses with a total of 61 students; however, it actually ran four courses with a total of only 53 ha students. The actual operating results for September appear below: Revenge Instructor vages Classroon supplies Utilities Campus rent Insurance Administrative expenses Actual 550,170 11,160 $18,150 $ 1,010 $4,600 $ 2.240 $ 3,960 Required: Prepare a flexible budget performance report that shows both revenue and spending variances and activity variances for September (Indicate the effect of each varlance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (1.e., zero variance). Input all amounts as positive values.) Gourmand Cooking School Flexible Budget Performance Report For the Month Ended September 30 Actual Results Flexible Budget Planning Budget 4 Courses Students 53 $ 50,170 11,160 18,150 1,810 Revenue Expenses Instructor wages Classroom supplies Utilities Campus rent Insurance Administrative expenses Total expense Net operating income 4,600 2,240 3,960 41.920 8,250 $