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 62 students enrolled in those two courses. Data concerning the company's cost formulas appear below: Instructor wages Classroom supplies Fixed Cost per Month Utilities Campus rent Insurance Administrative expenses Cost per Cost per Course Student $ 2,940 $ 280 $ 1,250 $ 70 $ 5,000 $ 2,200 $ 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 $880 per student. The company planned to run four courses with a total of 62 students; however, it actually ran four courses with a total of only 58 students. The actual operating results for September were as follows: Revenue Instructor wages Classroom supplies Utilities Campus rent Insurance Actual $ 51,660 $ 11,040 $ 17,210 $ 1,940 $ 5,000 $ 2,340 Administrative expenses $ 3,816 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 Revenue and Actual Results Spending Variances Flexible Budget Activity Variances Planning Budget Courses 4 4 4 Students 58 58 0 ☑ Revenue $ 51,660 $ 0 × F $ 0 + $ 0 U $ 0 ☑ Expenses: Instructor wages 11,040 720 Classroom supplies 17,210 970 Utilities 1,940 410 ככי F 11,760 0 None 11,760 16,240 1,120 F 17,360 U 1,530 0 None 1,530 Campus rent 5,000 0 None 5,000 0 None 5,000 Insurance 2,340 140 U 2,200 0 None 2,200 Administrative expenses 3,816 0 × F 0 × 0 + F 0 ☑ Total expense 41,346 0 × U 0 × 0 > F 0 ☑ Net operating income $ 10,314 $ 0 × F 0 + $ 0 × U $ 0 ×