Flight CaféPlanning BudgetFor the Month Ended July 31Budgeted meals (g)Revenue ($4.30g)Expenses:Raw materials ($2.30g)Wages and salaries ($6,100 + $0.20g)Utilities ($1,800 + $0.05g)Facility rent ($3,200)Insurance ($2,600)Miscellaneous ($600 + $0.10g)Total expenseNet operating incomeIn July, 21,000 meals were actually served. The company's flexible budget for this level of activity appears below:Flight CaféFlexible BudgetFor the Month Ended July 31Budgeted meals (g)Revenue ($4.30g)Expenses:Raw materials ($2.30g)Wages and salaries ($6,100+ $0.20g)Utilities ($1,800+ $0.05g)Facility rent ($3,200)Insurance ($2,600)Miscellaneous ($600 + $0.10g)Total expenseNet operating incomeRequired:20,000$ 86,00046,00010,1002,8003,2002,6002,60067,300$ 18,70021,000$ 90,30048,30010,3002,8503,2002,6002,70069,950$ 20,350 Total expenseNet operating incomeRequired:1. Calculate the company's activity variances for July. (Indicate the effect of each variance by selecting "F" for favorable, "U" forunfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.)RevenueExpenses:Flight CaféActivity VariancesFor the Month Ended July 31Raw materialsWages and salariesUtilitiesFacility rentInsuranceMiscellaneous69,950$ 20,350Total expenseNet operating income

In cost accounting, the phrase "activity variance" is used to describe the discrepancy between…

Required: 1. Calculate the company's activity variances for July. (Indicate the effect of each variance by selecting "F" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.) Flight Café Activity Variances

Required: 1. Calculate the company's activity variances for July. (Indicate the effect of each variance by selecting "F" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.) Flight Café Activity Variances

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Please do not give solution in image format thanku
Please do not give solution in image format thanku
Please do not give solution in image format thanku
Which method of closing out the fixed MOH volume variance will have no effect on the financial statements, no matter the capacity used? Question options: a) Prorating the fixed MOH volume variance to FG inventory and COGS. b) Allocating the fixed MOH volume variance equally among WIP Inventory, FG inventory and COGS. c) Prorating the fixed MOH volume variance to WIP Inventory, FG inventory and COGS. d) Allocating the fixed MOH volume variance to COGS.
Requirement 2. Prepare a flexible-budget-based variance analysis of the September performance. Begin with the actual results, then complete the flexible budget columns and the static budget columns. Label each variance as favorable or unfavorable. (For variances with a $0 balance, make sure to enter "0" in the appropriate field. If the variance is zero, do not select a label. Enter operating losses with a minus sign or parentheses.) Actual Results Units sold Revenues Variable costs Contribution margin Fixed costs Operating income (loss)
please do not Give image format
1. What raw materials cost would be included in the company’s planning budget for March? 2. What raw materials cost would be included in the company’s flexible budget for March? 3. What is the materials price variance for March? (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance.). Input all amounts as positive values.)
Required: Calculate all variances and prepare an operating statement for the month endedJune 2015 by using the following table format. Sales variances £ Favourable (F)/Adverse (A) Sales price variance: Sales volume variance: Total sales variance Direct material variances £ Favourable (F)/Adverse (A) Material price variance: Material usage variance: Total direct material variance Direct labour variances £ Favourable (F)/ Adverse (A) Labour rate variance: Labour efficiency variance: Total direct labour variance Variable overhead variances £ Favourable (F)/ Adverse (A) Variable…
Use the following returns for X and Y. Returns Year 1 22.8% 29.4% - 17.8 10.8 4.8 31.4 4 21.6 - 16.6 5.8 35.4 a. Calculate the average returns for X and Y. (Do not round intermediate calculations and enter your answers as a percent rounded to 2 decimal places, e.g., 32.16.) b. Calculate the variances for X and Y. (Do not round intermediate calculations and round your answers to 6 decimal places, e.g., 32.161616.) c. Calculate the standard deviations for X and Y. (Do not round intermediate calculations and enter your answers as a percent rounded to 2 decimal places, e.g., 32.16.) Y a. Average return % % b. Variance с. Standard deviation %
Lavage Rapide is a Canadian company that owns and operates a large automatic car wash facility near Montreal. The following table provides data concerning the company's costs. Cleaning supplies Electricity Maintenance Wages and salaries Depreciation Administrative expenses Rent Actual cars washed Revenue Expenses: Cleaning supplies Electricity Haintenance Hages and salaries Depreciation For example, electricity costs are $1,300 per month plus $0.09 per car washed. The company expects to wash 8,300 cars in August and to collect an average of $6,70 per car washed. The actual operating results for August are as follows: Lavage Rapide Income Statement For the Honth Ended August 31 Rent Fixed Cost per Month Administrative expenses Total expense Net operating income $1,300 $4,700 $8,100 $1,900 $1,700 Cost per Car Washed 0,400 $57,710 5,480 2,017 1,070 7,550 8,100 2,100 1,932 20,249 $ 29,4611 $0.60 $0.09 $0.10 $0.30 $0.04 Required: Calculate the company's revenue and spending variances for…
Jake's Roof Repair has provided the following data concerning its costs Cost per Repair Hour $15.00 $ 7.70 $0.50 $ 3.50 $ 0.60 Wages and salaries Parts and supplies Equipeent depreciation Truck operating expenses Rent Administrative expenses Fixed Cost per Month $ 21,000 $2,730 $ 5,709 $ 4,020 $3,050 For example, wages and salaries should be $21,000 plus $15.00 per repair-hour. The company expected to work 2.900 repair-hours in May, but actually worked 2.800 repair-hours. The company expects its sales to be $52.00 per repair-hour Required: Compute the company's activity variances for May (Indicate the effect of each variance by selecting "F" for favorable. "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.)
Please Do not Give Image Format