Ret The Gourmand Cooking School runs short cooking courses at its small 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 62 students enrolled in those two courses. Data concerning the company's cost formulas appear below: Fixed Cost per Cost per Cost per Month Instructor wages Classroom supplies Course $ 2,970 Student $ 280 Utilities $ 1,240 $ 60 Campus rent $ 4,600 Insurance $ 2,100 Administrative expenses $ 4,000 $ 42 $ 5 For example, administrative expenses should be $4,000 per month plus $42 per course plus $5 per student. The company's sales should average $870 per student. The company planned to run four courses with a total of 62 students; however, it actually ran four courses with a total of only 54 students. The actual operating results for September were as follows: Actual Revenue $ 51,040 Instructor wages $ 11,160 Classroom supplies $ 17,210 Utilities $ 1,890 Campus rent Insurance Administrative expenses $ 4,600 $ 2,240 $ 3,904 > Answer is not complete. Gourmand Cooking School Flexible Budget Performance Report For the Month Ended September 30 Revenue and Spending Variances Actual Results Flexible Budget Activity Variances Planning Budget Courses 4 4 4 Students 54 54 62 $ $ Revenue 51,040 F $ 11,880 U $ 53,940 39,160 42,060 Expenses: Instructor wages 11,160 F 15,120 None Classroom supplies 17,210 U F Utilities 1,890 U None Campus rent 4,600 None None Insurance 2,240 U None Administrative expenses 3,904 F F Total expense 41,004 U F Net operating income $ 10,036 F U