TB Problem Qu. 9-402 (Static) Hislop Tech is a for-profit vocational... Hislop 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: Fixed element per month Variable element per student Variable element per course Revenue $ 0 $ 212 $ 0 Faculty wages $ 0 $ 0 $ 2,100 Course supplies $ 0 $ 37 $ 45 Administrative expenses $ 28,800 $ 6 $ 26 In June, the school budgeted for 1,910 students and 111 courses. The school's income statement showing the actual results for the month appears below: Hislop Tech Income Statement For the Month Ended June 30 Actual students 1,810 Actual courses 106 Revenue $ 387,740 Expenses: Faculty wages 218,200 Course supplies 72,360 Administrative expenses 41,716 Total expense 332,276 Net operating income $ 55,464 Required: Prepare a report showing the school's revenue and spending variances for June. Label each variance as favorable (F) or unfavorable (U).