a. Excellent Institute offers executive training programmes. It bases its budgets on two measures of activity (i.e., cost drivers): number of executives and number of programmes. The institute uses the following data in its budgeting: Revenue Instructor wages Office supplies Fixed element per month ($) Variable element per executive ($) Variable element per programme ($) 0 336 0 0 0 2000 0 47,700 52 30 13 29 Admin expenses In January, the institute budgeted for 1,870 executives and 174 programmes. The institute's income statement showing the actual results for the month appears below: Excellent Institute Income Statement For the month ended January 31 Actual students 1,670 Actual courses 172 Revenue $560,600 Expenses: Instructor wages Office supplies Admin expenses Total expenses Net operating income " 51 2022 Student ID Number: Student Name: 350,110 93,040 85,728 528,878 $31,722 Page 6 of 9 Required: Prepare a flexible budget performance report showing both the institute's activity variances and revenue and spending variances for July. Label each variance as favourable (F) or unfavourable (U)