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The Gourmand Cooking School runs short cooking courses at itssmall campus. Management has identified two cost drivers it uses inits budgeting and performance reports—the number of courses and thetotal number of students. For example, the school might run twocourses in a month and have a total of 62 students enrolled inthose two courses. Data concerning the company’s cost formulasappear below:Fixed Cost per MonthCost per CourseCost perStudentInstructor wages$2,900Classroom supplies$260Utilities$1,210$80Campus rent$4,700Insurance$2,400Administrative expenses$3,800$43$6For example, administrative expenses should be $3,800 per monthplus $43 per course plus $6 per student. The company’s sales shouldaverage $900 per student.The company planned to run four courses with a total of 62students; however, it actually ran four courses with a total ofonly 54 students. The actual operating results for September appearbelow:ActualRevenue$52,900Instructor wages$10,880Classroom supplies$15,970Utilities$1,940Campus rent$4,700Insurance$2,540Administrative expenses$3,770Required:Prepare a flexible budget performance report that shows bothrevenue and spending variances and activity variances forSeptember. (Indicate the effect of each variance byselecting "F" for favorable, "U" for unfavorable, and "None" for noeffect (i.e., zero variance). Input all amounts as positivevalues.)