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 61 students enrolled in those two courses. Data concerning the company's cost formulas appear below: Instructor wages ok Classroom supplies Utilities Campus rent Insurance ences Administrative expenses Fixed Cost per Month Cost per Course $2,910 Cost per Student $ 270 $ 1,220 $ 4,800 $ 70 $ 2,200 $3,800 $ 41 $ 3 For example, administrative expenses should be $3,800 per month plus $41 per course plus $3 per student. The company's sales should average $850 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 59 students. The actual operating results for September appear below: Book- Print For example, administrative expenses should be $3,800 per month plus $41 per course plus $3 per student. The company's sales should average $850 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 59 students. The actual operating results for September appear below: Revenue. Actual $ 48,950 Instructor wages $ 10,920 Classroom supplies $ 16,320 erences Utilities $ 1,910 Campus rent $ 4,800 $ 2,340 Insurance Administrative expenses Required: $3,573 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. 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 2,910x 16,320x 1,910 x 4,800 2,340x 3,573x 31,853 $ (31,853) E 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 + 2 1.42 points Revenue Expenses: Instructor wages Classroom supplies Utilities Campus rent Insurance Administrative expenses Total expense Net operating income FA $ 0 0 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 (i.e., zero variance). Input all amounts as positive values.) Courses Gourmand Cooking School Revenue and Spending briances For the Month Ended September 30 Actual Results Revenue and Spending Variances Flexible Budget 4 Students Revenue Expenses: Instructor wages 59 $ 48,950 10,920. s my This shows what is correct or incorrect for the work you have completed so fa completion. Revenue and Flexible Spending Variances Budget 4 Courses Students Actual Results 59 Revenue $ 48,950 Expenses: Instructor wages 10,920 Classroom supplies 16,320 Utilities 1,910 Campus rent 4,800 Insurance 2,340 Administrative expenses 3,573 Total expense 39,863