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 60 students enrolled in those two courses. Data concerning the company's cost formulas appear below Fixed Cost Cost per per Month Course $ 2,970 $1,210 $ 55 $5,000 $ 2,000 33.600 43 Cost per Student $ 260 Instructor wages Classroon supplies Utilities Campus rent Insurance Administrative expenses For example, administrative expenses should be $3.600 per month plus $43 per course plus $7 per student. The company's sales should average $860 per student The company planned to run four courses with a total of 60 students, however, it actually ran four courses with a total of only 52 students. The actual operating results for September appear below Revenue Instructor was Classroon supplies Utilities Campus rent Insurance nistrative expenses Atual $ 48,700 $ 11,160 15,450 $ 1,960 $5,000 2,140 Required: 1. Prepare the company's planning budget for September 2. Prepare the company's flexible budget for September 3. Calculate the revenue and spending variances for September Required 1 Required 2 Required 3 Prepare the company's planning budget for September. Gourmand Cooking School Planning Budget For the Month Ended September 30 Revenue Expenses Instructor wages Classroom supplies Utilities Campus rent Insurance Administrative expenses Total expense Net operating income 0 $ Required 2 > Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare the company's flexible budget for September Gourmand Cooking School Flexible Budget For the Month Ended September 30 Revenue Expenses Instructor wages Classroom supplies Utilities Campus rent Insurance Administrative expenses Total expense Net operating income 0 s 0 Required: 1. Prepare the company's planning budget for September 2. Prepare the company's flexible budget for September 3. Calculate the revenue and spending variances for September Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Calculate the revenue and spending 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 Revenue and Spending Variances For the Month Ended September 30 Actual Revenue and Spending Results Variances 4 Flexible Budget Courses Students 52 5 48,700 Revenue Expenses Instructor wages Classroom supplies Utilities Campus ront Insurance Administrative expenses Total expense Net operating income 11.160 15.450 1.960 5.000 2,140 3.618 39.328 $ 9.372