Gourmand Cooking SchoolFlexible Budget Performance ReportFor the Month Ended September 30PlanningBudgetFlexibleActual ResultsBudgetCoursesStudents42Revenue32,400Expenses:Instructor wages9,080Classroom supplies8,540Utilities1,530Campus rent4,200Insurance1,890Administrative expenses3,790Total expense29,030Net operating income3,3703.%24%24 The Gourmand Cooking School runs short cooking courses at its small campus. Management has identified two cost drivers it uses inits budgeting and performance reports-the number of courses and the total number of students. For example, the school might runtwo courses in a month and have a total of 50 students enrolled in those two courses. Data concerning the company's cost formulasappear below:FixedCost per Cost per Cost perCourseMonthStudentInstructor wagesClassroom suppliesUtilities$3,080$260$424$ 4,200$ 1,890870130Campus rentInsuranceAdministrative expensesces$ 3,270%$415$ 4For example, administrative expenses should be $3,270 per month plus $15 per course plus $4 per student. The company's salesshould average $800 per student.The company planned to run three courses with a total of 45 students; however, it actually ran three courses with a total of only 42students. The actual operating results for September appear below:ActualRevenueInstructor wagesClassroom suppliesUtilitiesCampus rentInsuranceAdministrative expenses$ 32,400$ 9,080$ 8,540$ 1,530$ 4,200$ 1,890$ 3,790

Fixed Cost per Cost per Cost per Month Course Student Instructor wages Classroom supplies Utilities Campus rent Insurance Administrative expenses $3,080 $260 $ 870 $ 130 $ 4,200 $ 1,890 $ 3,270 $ 15 $ 4 For example, administrative expenses should be $3,270 per month plus $15 per course plus $4 per student. The company should average $800 per student. The company planned to run three courses with a total of 45 students; however, it actually ran three courses with a total of students. The actual operating results for September appear below: Revenue Instructor wages Classroom supplies Utilities Campus rent Insurance Administrative expenses Actual $ 32,400 $ 9,080 $ 8,540 $ 1,530 $ 4,200 $ 1,890 $ 3,790

Fixed Cost per Cost per Cost per Month Course Student Instructor wages Classroom supplies Utilities Campus rent Insurance Administrative expenses $3,080 $260 $ 870 $ 130 $ 4,200 $ 1,890 $ 3,270 $ 15 $ 4 For example, administrative expenses should be $3,270 per month plus $15 per course plus $4 per student. The company should average $800 per student. The company planned to run three courses with a total of 45 students; however, it actually ran three courses with a total of students. The actual operating results for September appear below: Revenue Instructor wages Classroom supplies Utilities Campus rent Insurance Administrative expenses Actual $ 32,400 $ 9,080 $ 8,540 $ 1,530 $ 4,200 $ 1,890 $ 3,790

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter8: Budgeting

Section: Chapter Questions

Problem 8E

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Professional foes earned budget for a service company LundquistFret well. CPAs, offer three types of services to clents: auditing, tax, and small business accounting. Based on experience and projected growth, the following billable hours have been estimated for the year ending May 31. 20Y8: The average billing rate for staff is 140 per hour, and the average billing rate for partners is 450 per hour. Prepare a professional fees earned budget for Lundquist Fretwell, CPAs, for theyear ending May 31, 20Y8, using the following column headings and showing the estimated professional fees by type of service rendered:
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