Novielli Corporation bases its budgets on the activity measure customers served. During November, the company planned to serve 39,000 customers, but actually served 44,000 customers. The company has provided the following data concerning the formulas it uses in its budgeting: 
Required:
Prepare the company's flexible budget for November based on the actual level of activity for the month.
Definitions:
Multifactor APT
A model that describes the returns of an asset as dependent on various macroeconomic or market factors, extending the Arbitrage Pricing Theory (APT).
Macro Factors
Economic, social, political, and environmental variables that affect the performance of the global and regional economy.
Risk Premiums
Additional returns expected by investors for taking on higher risk compared to a risk-free asset, to compensate for the increased uncertainty.
Multifactor Model
A financial model that evaluates securities by considering multiple economic and financial factors to explain market phenomena and/or rates of return.
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