Dried beef and gravy

On a cold winter's night, I can think of nothing better to eat than dried beef and gravy.
Correction. Anytime, anyplace, I can think of nothing better to eat than dried beef and gravy.
My mom and I have been having a disagreement about the stuff. She says that it was always a dinner dish, and I say it was always breakfast. I have been known to have a bad memory when it comes to certain things from my childhood (i.e. my grandma's van was black, not navy as I thought for years), but of this I am certain. She made this for me for breakfast.
Nonetheless, it's one of the best foods I have ever eaten. And yes, I am aware that it is a full-fledged hick entree. Oh well.

Dried beef and Gravy with Biscuits
1/2 package of dried beef
1/2 can carnation condensed milk
3/4 c. milk
3 tbs. butter
1 tbs. flour

Tear dried beef into small, bite-sized pieces. Put in skillet with butter over medium heat. Once butter melts, add tbs. (or more) flour and form a paste. Then add condensed milk and regular milk and cook over low-med. heat until thick.

That's it! Pour over biscuits and eat.

Incidentally, the best biscuits to use are always the cheapest ones.