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 63 students enrolled in those two courses. Data concerning the company's cost formulas appear below Fixed Cost per Cost per Cost per Student Month Course $ 2,940 Instructor wages Classroom supplies $260 Utilities $1,240 S5 100 70 ent Insurance $2,100 $3,800 Administrative expenses $ 7 44 For example, administrative expenses should be $3,800 per month plus $44 per course plus $7 per student. The company's sales should average $850 per student. The company planned to run four courses with a total of 63 students; however, it actually ran four courses with a total of only 55 students. The actual operating results for September appear below: Actual $ 50,650 $11,040 $ 16,230 $ 1,930 $ 5,100 2,240 3,843 Revenue Instructor wages Classroom supplies Utilities Campus rent Insurance Administrative expenses 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.) 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 Planning Budget Flexible Actual Results Budget Courses Students 55 $ Revenue 50,650 Expenses: Instructor wages 11,040 Classroom supplies 16,230 Utilities 1,930 Campus rent 5,100 Insurance 2,240 Administrative expenses 3,843 Total expense 40,383 10,267 Net operating income