Hh1. Milano Pizza is a small neighborhood pizzeria that has a small area for in-store dining as well as offering take-out and free homedelivery services. The pizzeria's owner has determined that the shop has two major cost drivers-the number of pizzas sold and thenumber of deliveries made.The pizzeria's cost formulas appear below:Fixed Contper MonthPizza ingredientsKitchen staffUtilitiesDelivery personDelivery vehicleEquipment depreciationRentMiscellaneous$ 6,210$ 760PizzasDeliverienRevenuePizza ingredienisKitchen staffUtilitiesDelivery personDelivery vehicle.Equipment, depreciationRentMiscellaneous$ 700$ 520$ 2,170$ 880$ 0.20In November, the pizzeria budgeted for 2,010 pizzas at an average selling price of $14 per pizza and for 210 deliveries.Data concerning the pizzeria's actual results in November were as follows:ActualResults2,110190$ 30,240$9,910$ 6,150$.960$494$ 1,016$520Cost perPizza$4.80$ 0.80$ 2,170$880Cost perDelivery$ 2.60$ 1.80Required:1. Complete the flexible budget performance report that shows both revenue and spending variances and activity variances for thepizzeria for November. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no 1. Complete the flexible budget performance report that shows both revenue and spending variances and activity variances for thepizzeria for November. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for noeffect (i.e., zero variance). Input all amounts as positive values.)PizzasDeliveriesRevenueExpenses:Pizza ingredientsKitchen staffUtilitiesDelivery personDelivery vehicleEquipment depreciationRentMiscellaneousTotal expenseNet operating income$$ActualResultsMilano PizzaFlexible Budget Performance ReportFor the Month Ended November 302,11019030,2409,9106,1509604941,0165202,17088022,1008,140FlexibleBudgetPlanningBudget

The variance is the difference between the standard and actual production cost data. The variance is…

ect (i.6., zero variance). Input all amounts as positive values.) Pizzas Deliveries Revenue Expenses Pizza ingredients Kitchen staff Utilities Delivery person Delivery vehicle Equipment depreciation Rent Miscellaneous Total expense Net operating income $ S Actual Results Milano Pizza Flexible Budget Performance Report For the Month Ended November 30 2,110 190 30,240 9,910 6,150 960 494 1,016 520 2,170 880 22,100 8,140 Flexible Budget Planning Budget

ect (i.6., zero variance). Input all amounts as positive values.) Pizzas Deliveries Revenue Expenses Pizza ingredients Kitchen staff Utilities Delivery person Delivery vehicle Equipment depreciation Rent Miscellaneous Total expense Net operating income $ S Actual Results Milano Pizza Flexible Budget Performance Report For the Month Ended November 30 2,110 190 30,240 9,910 6,150 960 494 1,016 520 2,170 880 22,100 8,140 Flexible Budget Planning Budget

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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