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 64 students enrolled in those two courses. Data conceming the company's cost formulas appear below Fixed Cost Cost per cost per per Month Course Student Instructor wages $ 2,90 Classroom Supplies $ 270 Utilities $1,210 5 30 Camous rent $4,500 Insurance $2,300 ministrative expenses $3,500 $ 44 57 For exemple, administrative expenses should be $3,500 per month plus $44 per course plut 57 per student. The company tales thould average $880 per student The company planned to run four courses with a total of 64 studenta; however, it actually ron four courtes with a total of only 56 students. The actual operating results for September were as follows Revenue Instructor Classroon supplies Utilities Court Insurance ministrative pense actual $ 53,420 5 11,000 $17,150 51.940 $4,500 52,440 53,350 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 Flexible Budget Planning Budget 4 Courses Students 56 $ 53.4201 Revenue Expenses Instructor wages Classroom Supplies Utilities Campus rent Insurance Administrative penses Total expense Net operating income 11 000 17.130 1,940 4500 2440 3.550 40 560 12.350 $