Exercise 9-18 Working with More Than One Cost Driver (LO9-2, LO9-3, L09-4, LO9-5) The Gourmand Cooking School runs short cooking courses at its smal 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 61 students enroed in those two courses Data concerning the company's cost formulas appear below Fixed Cost per Month Cost Cost per per Course Student $2,920 $310 $ 90 Instructor wages classroon supplies Utilities Campas rent Insurance Administrative expenses $1,250 $4,700 $2,100 $4,000 $ 43 $ 4 For example, administrative expenses should be $4.000 per month plus $43 per course plus $4 per student. The company's sales should average $900 per student. The company planned to run four courses with a total of 61 students; however, it actually ran four courses with a total of only 55 students. The actual operating results for September appear below: Actual Revenue $52,000 Instructor wages $10,960 classroom supplies $18,760 Utilities $ 2,020 Campus rent $4,700 Insurance $ 2,240 Administrative expenses 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 (.e., zero variance). Input all amounts as positive values.) Gourmand Cooking School Flexible Budget Performance Report For the Month Ended September 30 Revenue and leible Actual Results Spending Budget Variances Activity Variances Planning Budget Courses Students 55 S 52.000 Revenue Expenses: Instructor wages Classroom supplies Uses Camous rent Insurance Administrative expenses Total expense Net operating income 10.960 18,760 2.020 4,700 2.240 3.842 42.522 9.478 CCT $