7 Required Prepare a flexible budget performance report showing both the school's activity variances and revenue and spending variances for March. Label each variance as favorable (F) or unfavorable (U). (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.) 10 points Roberds Tech Flexible Budget Performance Report For the Month Ended March 31 eBook Print Actual Results Revenue and Spending Variances Flexible Activity Budget Variances Planning Budget References 1,810 91 1,910 Students Courses Revenue Expenses: 1,810 91 $ 411,340 214,950 Faculty wages Course supplies Administrative expenses 84,562 Total expense Net operating income $ 49,238 Roberds Tech is a for-profit vocational school. The school bases its budgets on two measures of activity (i.e., cost drivers), namely student and course. The school uses the following data in its budgeting 10 points Fixed element Variable element Variable element per month per student per course 298 Revenue Faculty wages Course supplies Administrative expenses $3,100 $ 40 $ 52 $ 52 $ 27 eBook Print References $26,500 In March, the school budgeted for 1,910 students and 88 courses. The school's income statement showing the actual results for the month appears below: Roberds Tech Income Statement For the Month Ended March 31 Actual students Actual courses Revenue Expenses: 1,810 91 $411,340 Faculty wages Course supplies Administrative expenses 214,950 62,590 84,562 362,102 $ 49,238 Total expense Net operating income Required Prepare a flexible budget performance report showing both the school's activity variances and revenue and spending variances for March. Label each variance as favorable (F) or unfavorable (U). (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.)