Exercise 9-2 (Algo) Actlvlty Varlances [LO9-2]Flight Café prepares in-flight meals for airlines in its kitchen located next to a local airport. The company's planning budget for Julyappears below:Flight CafePlanning BudgetFor the Month Ended July 31Budgeted meals (g)24, 000Revenue ($4.00g)Expenses:Raw materials ($1.80g)Wages and salaries ($6,300 + $0.20g)Utilities ($2,000 + Se.e5g)Facility rent ($3,400)Insurance ($2,100)Miscellaneous ($500 + se.1eq)Total expense$96, 00043, 20011.1003,2003,40e2, 1002,9ee65,900Net operating income$30, 100In July, 25.000 meals were actually served. The company's flexible budget for this level of activity appears below:Flight CaféFlexible BudgetFor the Month Ended Duly B1Budgeted meals (g)25,000Revenue ($4.00g)Expenses:Raw materials ($1.80g)Wages and salaries ($6, 309+ S0. 209)Utilities ($2,000 + se.esg)Facility rent ($3,480)Insurance ($2,100)Miscellaneous ($500 + $0.1eg)Total expense$19e, 00045,00011, B003,2503,4002, 1003,9e968,056Net operating incomeS 31,959Requlred:1. Calculate the company's activity variances for July. (Indicate the effect of each vorlance by selecting "F" for favorable. "U" forunfavorable, and "None" for no effect (I.e., zero varlance). Input all amounts as posltive values,)Flight CaféActivity VariancesFor the Month Ended July 31RevenueExpenses:Raw materialsWages and salariesUtilitiesFacility rentInsuranceMiscellaneousTotal expenseNet operating income

Revenue 96000 100000 4000 F Expenses: Raw materials 43200 45000 1800 UF Wages and…

afé prepares in-flight meals for airlines in its kitchen located next to a local airport. The company's planning budget for July below: Flight Cafe Planning Budget For the Month Ended July 31 ed meals (q) 24, 000 e ($4.889) $96, 000 es: materials ($1.88g) s and salaries ($6,300 + $0.28q) ities ($2,809 + se.esq) lity rent ($3,400) rance ($2,108) ellaneous ($5see + se.1eg). еxpense erating income 43, 290 11,190 3, 290 3,40e 2, 180 2,90e 65.908 $30, 190 5,000 meals were actually served. The company's flexible budget for this level of activity appears below: Flight Café Flexible Budget For the Month Ended July B1 ed meals (q) 25, 000 e ($4.809) es: materials ($1.80q) s and salaries ($6, 303+ se. 20q) ities ($2,800 + se.esq) lity rent ($3,480) rance ($2,100) ellaneous ($5ee + s0.1eg) expense erating income $190,089 45,000 11,300 3,250 3,400 2, 1e9 3,B09 68,050 $ 31,958

afé prepares in-flight meals for airlines in its kitchen located next to a local airport. The company's planning budget for July below: Flight Cafe Planning Budget For the Month Ended July 31 ed meals (q) 24, 000 e ($4.889) $96, 000 es: materials ($1.88g) s and salaries ($6,300 + $0.28q) ities ($2,809 + se.esq) lity rent ($3,400) rance ($2,108) ellaneous ($5see + se.1eg). еxpense erating income 43, 290 11,190 3, 290 3,40e 2, 180 2,90e 65.908 $30, 190 5,000 meals were actually served. The company's flexible budget for this level of activity appears below: Flight Café Flexible Budget For the Month Ended July B1 ed meals (q) 25, 000 e ($4.809) es: materials ($1.80q) s and salaries ($6, 303+ se. 20q) ities ($2,800 + se.esq) lity rent ($3,480) rance ($2,100) ellaneous ($5ee + s0.1eg) expense erating income $190,089 45,000 11,300 3,250 3,400 2, 1e9 3,B09 68,050 $ 31,958

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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