Roberds Tech is a for-profit vocational school. The school bases its budgets on two measures of activity (le, cost drivers), namely student and course. The school uses the following data in its budgeting: Fixed element Variable element Variable element per student $ 298 per month per course Revenue Faculty wages Course supplies Administrative expenses $3,100 $ 40 $ 52 $ 52 $ 27 $26, 500 In March, the school budgeted for 1,910 students and 88 courses. The school's income statement showing the actual results for the month appears below: Roberds Tech Income Statement For the Month Ended March 31 Actual students Actual courses Revenue Expenses 1,810 91 $411,340 Faculty wages Course supplies Administrative expenses 214,950 62,590 4, 562 Total expense Net operating income 362, 102 $ 49,238