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Required: Prepare a flexible budget performance report that shows both revenue and spending variances and activity variances for September. (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.) Courses Students Revenue Expenses Instructor wages Classroom supplies Uslides Campus rent Insurance Administrative expenses Total expense Net operating income Actual Results S Gourmand Cooking School Flexible Budget Performance Report For the Month Ended September 30 S 4 58 52.280 11,080 15,970 1,950 5,000 2,340 3,574 39,914 12,366 Flexible Budget Planning Budget

Required: Prepare a flexible budget performance report that shows both revenue and spending variances and activity variances for September. (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.) Courses Students Revenue Expenses Instructor wages Classroom supplies Uslides Campus rent Insurance Administrative expenses Total expense Net operating income Actual Results S Gourmand Cooking School Flexible Budget Performance Report For the Month Ended September 30 S 4 58 52.280 11,080 15,970 1,950 5,000 2,340 3,574 39,914 12,366 Flexible Budget Planning Budget

FINANCIAL ACCOUNTING
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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Revenue Instructor wages Classroom supplies. Utilities Campus rent Insurance Administrative expenses Courses Students Required: Prepare a flexible budget performance report that shows both revenue and spending variances and activity variances for September. (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.) Revenue Expenses Instructor wages Classroom supplies Utilities Campus rent Insurance Administrative expenses Total expense Net operating income $ 52,280 $ 11,080 $ 15,970 $1,950 $5,000 $ 2,340 $3,574 S Actual Results Gourmand Cooking School Flexible Budget Performance Report For the Month Ended September 30 $ 4 58 52,280 11,080 15,970 1,950 5,000 2,340 3,574 39,914 12,366 Flexible Budget +++ Planning Budget
Transcribed Image Text:Revenue Instructor wages Classroom supplies. Utilities Campus rent Insurance Administrative expenses Courses Students Required: Prepare a flexible budget performance report that shows both revenue and spending variances and activity variances for September. (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.) Revenue Expenses Instructor wages Classroom supplies Utilities Campus rent Insurance Administrative expenses Total expense Net operating income $ 52,280 $ 11,080 $ 15,970 $1,950 $5,000 $ 2,340 $3,574 S Actual Results Gourmand Cooking School Flexible Budget Performance Report For the Month Ended September 30 $ 4 58 52,280 11,080 15,970 1,950 5,000 2,340 3,574 39,914 12,366 Flexible Budget +++ Planning Budget
The Gourmand Cooking School runs short cooking courses at its small campus. Management has identified two cost drivers it uses in its budgeting and performance reports-the number of courses and the total number of students. For example, the school might run two courses in a month and have a total of 62 students enrolled in those two courses. Data concerning the company's cost formulas appear below Instructor wages Classroom supplies utilities Campus rent Insurance Administrative expenses Fixed Cost Cost per per Month Revenue Instructor wages Classroom supplies Utilities Campus rent Insurance Administrative expenses $1,240 5 75 $5,000 $2,200 $3,600 $ 44 Courses Course $ 2,950 For example, administrative expenses should be $3,600 per month plus $44 per course plus $6 per student. The company's sales should average $890 per student The company planned to run four courses with a total of 62 students, however, it actually ran four courses with a total of only 58 students. The actual operating results for September appear below Actual $ 52,200 $11,080 $15,970 $ 1,950 $5,000 $ 2,340 $ 3,574 Cost per student $260 $6 Required: Prepare a flexible budget performance report that shows both revenue and spending variances and activity variances for September (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (l.e., zero variance). Input all amounts as positive values.) Actual Results Gourmand Cooking School Flexible Budget Performance Report For the Month Ended September 30 Flexible Budget Planning Budget
Transcribed Image Text:The Gourmand Cooking School runs short cooking courses at its small campus. Management has identified two cost drivers it uses in its budgeting and performance reports-the number of courses and the total number of students. For example, the school might run two courses in a month and have a total of 62 students enrolled in those two courses. Data concerning the company's cost formulas appear below Instructor wages Classroom supplies utilities Campus rent Insurance Administrative expenses Fixed Cost Cost per per Month Revenue Instructor wages Classroom supplies Utilities Campus rent Insurance Administrative expenses $1,240 5 75 $5,000 $2,200 $3,600 $ 44 Courses Course $ 2,950 For example, administrative expenses should be $3,600 per month plus $44 per course plus $6 per student. The company's sales should average $890 per student The company planned to run four courses with a total of 62 students, however, it actually ran four courses with a total of only 58 students. The actual operating results for September appear below Actual $ 52,200 $11,080 $15,970 $ 1,950 $5,000 $ 2,340 $ 3,574 Cost per student $260 $6 Required: Prepare a flexible budget performance report that shows both revenue and spending variances and activity variances for September (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (l.e., zero variance). Input all amounts as positive values.) Actual Results Gourmand Cooking School Flexible Budget Performance Report For the Month Ended September 30 Flexible Budget Planning Budget
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