Accounting A local education institution's budget for 2020/21 for meals was £944,622. During 2020/21 it is estimated that 500 students will require 3 meals a day for 196 days each at an average cost of £3.20 per meal. What should be the meals budget for 2021/22 applying zero- based budgeting, inflation is estimated at 3%?
Accounting A local education institution's budget for 2020/21 for meals was £944,622. During 2020/21 it is estimated that 500 students will require 3 meals a day for 196 days each at an average cost of £3.20 per meal. What should be the meals budget for 2021/22 applying zero- based budgeting, inflation is estimated at 3%?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Accounting
A local education institution's budget for
2020/21 for meals was £944,622. During
2020/21 it is estimated that 500 students will
require 3 meals a day for 196 days each at an
average cost of £3.20 per meal. What should be
the meals budget for 2021/22 applying zero-
based budgeting, inflation is estimated at 3%?
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