EXERCISE 96 Working with More Than One Cost Driver @L09-2, 109-3, 109-5, 109-6 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 50 students enrolled in those two courses. Data concerning the company's cost formulas appear below: Fixed Cost Cost per Cost per per Month Course Student Instructor wages $3,080 Classroom supplies $260 Utilities $870 $130 Campus rent $4,200 Insurance $1,890 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 company planned to run three courses with a total of 45 students; however, it actually ran three courses with a total of only 42 students. The actual operating results for September were as follows: 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: Using Exhibit 9-11 as your guide, prepare a flexible budget performance report that shows both revenue and spending variances and activity variances for September