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: Fixed Cost Cost per per Month Course $ 2,92e Cost per Student $ 300 $ 70 Instructor wages Classroom supplies Utilities Campus rent Insurance Administrative expenses $ 1,230 $ 5,100 $ 2,300 $ 3,600 $ 46 $ 5 For example, administrative expenses should be $3,600 per month plus $46 per course plus $5 per student. The company's sales should average $880 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 students. The actual operating results for September appear below: Revenue Instructor wages Classroom supplies Utilities Campus rent Insurance Administrative expenses Actual $ 50,780 $ 10,960 $ 18,150 $ 1,920 $ 5,100 $ 2,440 $ 3,515 Required: 1. Prepare the company's planning budget for September. 2. Prepare the company's flexible budget for September. 3. Calculate the revenue and spending variances for September. 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 0 $ 0 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 Classroom supplies Utilities Campus rent Insurance Administrative expenses Total expense Net operating income 0 S 0 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 4 Courses Students 53 Revenue S 50.780 Expenses: Instructor wages Classroom supplies Utilities 10.960 18,150 1.920 Campus rent 5,100 2,440 Insurance Administrative expenses 3,515 Total expense 42,085 Net operating income S 8,695