Please do not give solution in image format thanku RevenueInstructor wagesClassroom supplies.UtilitiesCampus rentInsuranceAdministrative expensesCoursesStudentsRequired: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., zerovariance). Input all amounts as positive values.)RevenueExpensesInstructor wagesClassroom suppliesUtilitiesCampus rentInsuranceAdministrative expensesTotal expenseNet operating income$ 52,280$ 11,080$ 15,970$1,950$5,000$ 2,340$3,574SActual ResultsGourmand Cooking SchoolFlexible Budget Performance ReportFor the Month Ended September 30$45852,28011,08015,9701,9505,0002,3403,57439,91412,366FlexibleBudget+++PlanningBudget The Gourmand Cooking School runs short cooking courses at its small campus. Management has identified two cost drivers it uses inits budgeting and performance reports-the number of courses and the total number of students. For example, the school might runtwo courses in a month and have a total of 62 students enrolled in those two courses. Data concerning the company's cost formulasappear belowInstructor wagesClassroom suppliesutilitiesCampus rentInsuranceAdministrative expensesFixed Cost Cost perper MonthRevenueInstructor wagesClassroom suppliesUtilitiesCampus rentInsuranceAdministrative expenses$1,240 5 75$5,000$2,200$3,600 $ 44CoursesCourse$ 2,950For example, administrative expenses should be $3,600 per month plus $44 per course plus $6 per student. The company's salesshould average $890 per studentThe company planned to run four courses with a total of 62 students, however, it actually ran four courses with a total of only 58students. The actual operating results for September appear belowActual$ 52,200$11,080$15,970$ 1,950$5,000$ 2,340$ 3,574Cost perstudent$260$6Required: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 (l.e., zerovariance). Input all amounts as positive values.)Actual ResultsGourmand Cooking SchoolFlexible Budget Performance ReportFor the Month Ended September 30FlexibleBudgetPlanningBudget

Revenue and spending variance :— It is the difference between revenue & costs of actual results…

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.) Courses Students Revenue Expenses Instructor wages Classroom supplies Uslides Campus rent Insurance Administrative expenses Total expense Net operating income Actual Results S Gourmand Cooking School Flexible Budget Performance Report For the Month Ended September 30 S 4 58 52.280 11,080 15,970 1,950 5,000 2,340 3,574 39,914 12,366 Flexible Budget Planning Budget