Adam Gase Diner Is a charity supported by donatlons that provides free meals to the homeless Jets Fans and Crylng Jets fan Accounting Professors. The diner's budget for May was based on 3,200 meals, but the diner actually served 3,400 meals. Things never go qulte as planned at this diner but Adam Is promising to work hard. The diner's director, Joe "trade away all the best food" Douglas has provided the following cost data to use In the budget: grocerles, $4.50 per meal; kitchen operations, $5,200 per month plus $1.78 per meal; administrative expenses, $4,200 per month plus $0.43 per meal; and fundralsing expenses, $2,200 per month. The director has also provided the diner's statement of actual expenses for the month: Adamyan Urban Diner Statement of Expenses For the Month Ended May 31 Actual meals 3,400 $15,250 Groceries Kitchen operations Administrative expenses Fundraising expenses 11,000 5,482 2,200 Total expense $33,932 Requlred: Prepare a report showing the activity varlances for each of the expenses and for total expenses for May. (Indicate the effect of each varlance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (I.e., zero variance). Input all amounts as positive values.) Adam Gase Diner Activity Variances For the Month Ended May 31 Flexible Budget Planning Budget Activity Variances Meals 3,400 3,200 Groceries Kitchen operations Administrative expenses Fundraising expenses Total expense
Adam Gase Diner Is a charity supported by donatlons that provides free meals to the homeless Jets Fans and Crylng Jets fan Accounting Professors. The diner's budget for May was based on 3,200 meals, but the diner actually served 3,400 meals. Things never go qulte as planned at this diner but Adam Is promising to work hard. The diner's director, Joe "trade away all the best food" Douglas has provided the following cost data to use In the budget: grocerles, $4.50 per meal; kitchen operations, $5,200 per month plus $1.78 per meal; administrative expenses, $4,200 per month plus $0.43 per meal; and fundralsing expenses, $2,200 per month. The director has also provided the diner's statement of actual expenses for the month: Adamyan Urban Diner Statement of Expenses For the Month Ended May 31 Actual meals 3,400 $15,250 Groceries Kitchen operations Administrative expenses Fundraising expenses 11,000 5,482 2,200 Total expense $33,932 Requlred: Prepare a report showing the activity varlances for each of the expenses and for total expenses for May. (Indicate the effect of each varlance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (I.e., zero variance). Input all amounts as positive values.) Adam Gase Diner Activity Variances For the Month Ended May 31 Flexible Budget Planning Budget Activity Variances Meals 3,400 3,200 Groceries Kitchen operations Administrative expenses Fundraising expenses Total expense
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
I need help with a few problems from the past chapters im still stuck with.
Transcribed Image Text:Adam Gase Diner Is a charity supported by donations that provides free meals to the homeless Jets Fans and Crylng Jets fan
Accounting Professors. The diner's budget for May was based on 3,200 meals, but the diner actually served 3,400 meals. Things
never go quite as planned at this diner but Adam is promising to work hard. The diner's director, Joe "trade away all the best food"
Douglas has provided the following cost data to use In the budget: grocerles, $4.50 per meal; kitchen operations, $5,200 per month
plus $1.78 per meal; administrative expenses, $4,200 per month plus $0.43 per meal; and fundralsing expenses, $2,200 per month.
The director has also provided the diner's statement of actual expenses for the month:
Adamyan Urban Diner
Statement of Expenses
For the Month Ended May 31
Actual meals
3,400
Groceries
$15,250
Kitchen operations
Administrative expenses
11,000
5,482
2, 200
Fundraising expenses
Total expense
$33,932
Requlred:
Prepare a report showing the activity varlances for each of the expenses and for total expenses for May. (Indicate the effect of each
varlance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (I.e., zero variance). Input all amounts as
positive values.)
Adam Gase Diner
Activity Variances
For the Month Ended May 31
Flexible
Planning
Activity Variances
Budget
Budget
Meals
3,400
2.200
Groceries
Kitchen operations
Administrative expenses
Fundraising expenses
Total expense
Prev
4. o 10
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education