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 61 students enrolled in those two courses. Data concerning the company's cost formulas appear below: Fixed Cost Cost per cost per per Month Course Student Instructor wages $ 2,948 Classroom supplies $ 290 Utilities $ 1,248 $ 60 Campus rent $ 4,600 Insurance $ 2,200 Administrative expenses $ 3,500 $ $ 5 For example, administrative expenses should be $3,500 per month plus $43 per course plus $5 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 57 students. The actual operating results for September appear below: Revenue Instructor wages Classroom supplies Utilities Campus rent Insurance Administrative expenses Actual $ 58,170 $ 11,040 $ 17,548 $ 1,890 $4,600 $ 2,340 $ 3,403 Required: Prepare a flexible budget performance report that shows both revenue and spending varlances and activity varlances for September. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (1.e., zero varlance). Input all amounts as positive values.) Gourmand Cooking School Flexible Budget Performance Report For the Month Ended September 30 Flexible Actual Results Budget Planning Budget 4 Courses Students 57 $ 50,170 11,040 17.540 1.890 Revenue Expenses Instructor wages Classroom supplies Utilities Campus rent Insurance Administrative expenses Total expense Net operating income 4,600 2,340 3,403 40.813 $ 9.357