The Gourmand Cooking School runs short cooking courses at its small campus. Management has identified two cost drivers that 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 50 students enrolled in those two courses. Data conceming the company's cost formulas appear below: Fixed Cost Cost per Cost per per Month Course Student Instructor wages $3.080 260 $ Classroom supplies Utilities Campus rent $ 130 $ 870 $ 4,200 1,890 $ Insurance Administrative expenses $ 3,270 $ 15 $ 4 For example, administrative expenses should be $3,270 per month plus $15 per course plus $4 per student. The company's sales should average $800 per student. The actual operating results for September appear below: Actual Revenue $32.400 Instructor wages $9,080 Classroom supplies $8,540 Utilities $ 1,530 Campus rent $4,200 Insurance $ 1.890 Administrative expenses $ 3.790 Required: 1. The Gourmand Cooking School expects to run three courses with a total of 45 students in September. Complete the company's planning budget for this level of activity. 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 2 The school actually ran three courses with a total of 42 students in September Complete the company's flexible budget for this level of activity. 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 3. Complete the flexible budget performance report that shows both revenue and spending variances and activity variances for September. (Indicate the effect of each varlance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (l.e., zero varlance). Input all amounts as positive values.) Gourmand Cooking School Flexible Budget Performance Report For the Month Ended September 30 Revenue and Spending Variances Activity Variances Revenue Expenses: Instructor wages Classroom supplies Utilities Campus rent Insurance Administrative expenses Total expense Net operating income