Exercise 9-18 Working with More Than One Cost Driver (LO9-4, LO9-5) 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 62 students enrolled in those two courses. Data concerning the company's cost formulas appear below: 0:46:19 Jook Fixed Cost Cost per Cost per per Month Course Student Instructor wages $2,900 int Classroom supplies $ 270 Utilities $1,220 $ 90 prences Campus rent $ 5,100 $ 2,300 Insurance Administrative expenses 3,700 For example, administrative expenses should be $3,700 per month plus $46 per course plus $5 per student. The company's sales should average $900 per student. The actual operating results for September appear below: Actual $52,900 Revenue Instructor wages 10,880 Homework Saved Actual Revenue $52,900 $ 10,880 Instructor wages $ 16,590 Classroom supplies Utilities $ 1,990 Campus rent $ 5,100 Insurance $ 2,440 Administrative expenses $3,620 Required: 1. The Gourmand Cooking School expects to run four courses with a total of 62 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