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 65 students enrolled in those two courses. Data concerning the company's cost formulas appear below: Cost per Fixed Cost Cost per Course $ 2,930 per Month Student $ 280 $ 55 Instructor wages Classroom supplies Utilities Campus rent Insurance Administrative expenses $1,220 $ 4,800 $ 2,400 $ 3,900 $ 44 $ 3 For example, administrative expenses should be $3,900 per month plus $44 per course plus $3 per student. The company's sales should average $880 per student. The company planned to run four courses with a total of 65 students; however, it actually ran four courses with a total of only 59 students. The actual operating results for September appear below: Revenue Instructor wages Classroom supplies Utilities Campus rent Insurance Administrative expenses Actual $ 54,300 $ 11,000 $ 18,050 $ 1,850 $ 4,800 $ 2,540 $ 3,697 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 Courses 4. 4 Students 59 65 $ 54,300 $ 57,200 Revenue Expenses Instructor wages Classroom supplies Utilities 11,720 18,200 1,440 4,800 Campus rent 11,000 18,050 1,850 4,800 2,540 3,697 41,937 12,363 Insurance 2,400 Administrative expenses Total expense Net operating income 4,271 42,831 14,369 $ $