please answer correct and complete with full working like explanation , computation , formulation answer in text will surely upvote if complete and correct with working please no copy paste from other answer attempt if 1005 sure otherwise skip need correct and complete answer thanks answer in text Required:Prepare a flexible budget performance report that shows both revenue and spending variances and activityfor September.Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "Noneeffect (i.e., zero variance). Input all amounts as positive values.CoursesStudentsRevenueExpenses:Instructor wagesClassroom suppliesUtilitiesCampus rentInsuranceAdministrativeGourmand Cooking SchoolFlexible Budget Performance ReportFor the Month Ended September 30expensesTotal expenseActualResults10,88015,7101,8805,1002,1403,71739,427Net operating income $ 11,353459$ 50,780Revenue andSpendingVariancesFlexibleBudget459$51,92011,60015,3401,4705,1002,0004,27739,78712,133ActivityVariancesPlanningBudget461$53,68011,60015,8601,4705,1002,000 The Gourmand Cooking School runs short cooking courses at its small campus. Management has identified two costdrivers it uses in its budgeting and performance reports-the number of courses and the total number of students. Forexample, the school might run two courses in a month and have a total of 61 students enrolled in those two courses.Data concerning the company's cost formulas appear below:FixedCostRevenueCostCostperperperMonth Course StudentInstructor wagesClassroom suppliesUtilitiesCampus rentInsurance2,000Administrative$ 41expenses3,700For example, administrative expenses should be $3,700 per month plus $41 per course plus $7 per student. Thecompany's sales should average $880 per student.Instructor wages,Classroom suppliesUtilities.Campus rentInsuranceAdministrativeexpenses$2,9001,230$5,100$60The company planned to run four courses with a total of 61 students; however, it actually ran four courses with a totalonly 59 students. The actual operating results for September were as follows:Actual$50,78010,880$15,710$ 1,880$ 260$ 5,100$ 2,140$ 3,717$7Required:Prepare a flexible budget performance report that shows both revenue and spending variances and activity variancesfor September.Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for noeffect (i.e., zero variance). Input all amounts as positive values.

The variance is the difference between the actual and standard production data. The variance can be…

Courses Students Revenue Expenses: Instructor wages Classroom supplies Utilities Campus rent Insurance Administrative expenses Total expense Gourmand Cooking School Flexible Budget Performance Report For the Month Ended September 30 Actual Results 4 59 $ 50,780 10,880 15,710 1,880 5,100 2,140 3,717 39,427 Revenue and Spending Variances Flexible Budget 4 59 $ 51,920 11,600 15,340 1,470 5,100 2,000 4,277 39,787 Activity Variances Planning Budget 4 61 $53,680 11,600 15,860 1,470 5,100 2,000

Courses Students Revenue Expenses: Instructor wages Classroom supplies Utilities Campus rent Insurance Administrative expenses Total expense Gourmand Cooking School Flexible Budget Performance Report For the Month Ended September 30 Actual Results 4 59 $ 50,780 10,880 15,710 1,880 5,100 2,140 3,717 39,427 Revenue and Spending Variances Flexible Budget 4 59 $ 51,920 11,600 15,340 1,470 5,100 2,000 4,277 39,787 Activity Variances Planning Budget 4 61 $53,680 11,600 15,860 1,470 5,100 2,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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How would I calculate this problem? I just guessed on which answer made sense to me. Please help. thank you in advance.
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