Meteor co. provides tutoring services. The company had the following income statement for November: Meteor Co. Income Statement (Actual vs. Budget) For the Month Ended November 30 Budget Actual Variance Number of students 80 100 207 Revenues $14,000 $16.000 $2,000F Variable costs 1,600 1.800 2000 Payment processing Study supplies Computer licences Total variable costs 4,000 4,300 3000 3.200 3.900 700U 8.800 10.000 1.2000 Fixed costs 800 800 Advertising Salaries 1.400 1.300 100F Totalfixed costs 2.200 24100 100F Total costs 11.000 12.100 11000 Net income $3.000 $3.900 $900F The owner of the company comments on the report "We were busier than expected this month and we were overall more profitable! Some costs were a bit higher than expected but with profits up. It was still a good month The owner of the company comments on the report: "We were busier than expected this month and we were overall more profitable! Some costs were a bit higher than expected but with profits up, it was still a good month". Required: a) Prepare a revised report using a flexible budget b) Comment on the owner's statement that it was a "good month ill lil lul