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 64 students enrolled in those two courses. Data concerning the companys cost formulas appear below:

Fixed Cost per MonthCost per CourseCost per StudentInstructor wages $ 2,910 Classroom supplies $ 280Utilities$ 1,230$ 80 Campus rent$ 5,100 Insurance$ 2,300 Administrative expenses$ 3,600$ 45$ 3

For example, administrative expenses should be $3,600 per month plus $45 per course plus $3 per student. The companys sales should average $890 per student.

The company planned to run four courses with a total of 64 students; however, it actually ran four courses with a total of only 54 students. The actual operating results for September were as follows:

ActualRevenue$ 54,060Instructor wages$ 10,920Classroom supplies$ 17,770Utilities$ 1,960Campus rent$ 5,100Insurance$ 2,440Administrative expenses$ 3,398

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.)