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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 63 students enrolled in those two courses. Data concerning the company's cost formulas appear below: Instructor wages classroom supplies Utilities Campus rent Insurance Administrative expenses Fixed Cost per Cost per Cost per Month Course Student $ 2,940 $ 270 $1,230 $ 90 $4,600 $2,300 $3,900 $ 45 $ 5 For example, administrative expenses should be $3,900 per month plus $45 per course plus $5 per student. The company's sales should average $860 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 were as follows: Revenue Instructor wages classroom supplies Utilities Campus rent Insurance Administrative expenses Actual $ 51,280 $ 11,040 $ 16,860 $ 2,000 $ 4,600 $ 2,440 $ 3,821 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.) Answer is complete but not entirely correct. Gourmand Cooking School Flexible Budget Performance Report For the Month Ended September 30 Actual Revenue and Flexible Results Spending Variances Budget 4 4 55 55 Activity Variances Planning Budget Courses 4 Students 63 $ 51,280 $ 3,980 F $ 47,300 $ 6,880U $ 54,180 Revenue Expenses: Instructor wages Classroom supplies Utilities 11,040 11,760 17,010 16,860 2,000 Campus rent 4,600 720 F 2,010U 410U 0 None 140U 534 F 1,306U $ 2,674F OOOOOOO 11,760 0 None 14,850 2,160 F 1,590 0 None 4,600 0 None 2,300 0 None 4,355 40 F 39,455 2,200 F $ 7,845 $ 4,680U 2,440 1,590 4,600 2,300 4,395 41,655 3,165 X 3,821 Insurance Administrative expenses Total expense Net operating income 40,761 10,519 $ $