The Greensboro Performing Arts Center (GPAC) has a total capacity of 8,800 seats: 2,400 center seats, 2,900side seats, and 3,500 balcony seats. The budgeted and actual tickets sold for a Broadway musical show are asfollows: Ticket Price Percentage Occupied Budgeted Seats Actual Seats Center $ 80 80% 85% Side 70 70 75Balcony 60 75 65 The actual ticket prices were the same as those budgeted. Once a show has been booked, thetotal cost does not vary with the total attendance. Required: Compute the following for the show: 1. Thebudgeted and actual sales mix percentages for different types of seats. 2. The budgeted average contributionmargin per seat. Assume the ticket price is also the contribution margin. 3-a. The total sales mix variance. 3-b.The total sales quantity variance. 4. The total sales volume variance.

The objective of the question is to calculate the budgeted and actual sales mix percentages for…

Answered: The Greensboro Performing Arts Center…

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

Goldfarb's Book and Music Store has two service departments, Warehouse and Data Center. Warehouse Department costs of $390,000 are allocated on the basis of budgeted warehouse - hours. Data Center Department costs of $100,000 are allocated based on the number of computer log - on hours. The costs of operating departments Music and Books are $122,500 and $147,000, respectively. Data on budgeted warehouse - hours and number of computer log - on hours are as follows: Support Departments Production Departments Warehouse Data Center Music Books Department $390,000 Department $100,000 Budgeted costs Budgeted warehouse - hours Number of computer hours $122,500 $147.000 NA 580 1,040 1,600 220 NA 810 1,010 Dr Using the step - down method, what amount of Data Center Department cost will be allocated to Department Music if the service department with the highest percentage of interdepartmental support service is allocated first? (Round intermediary calculations to three decimal places.) O A.…
image formate not allow
During the current year, Cullumber Corporation expects to produce 10,000 units and has budgeted the following: net income $350,000; variable costs $1,290,000; and fixed costs $110,000. It has invested assets of $1,650,000. What was the company's budgeted ROI? What was its budgeted markup percentage using a total cost approach? Budgeted ROI per unit Budgeted markup percentage $ %
Betty's Book and Music Store has two service departments, Warehouse and Data Centre. Warehouse Department costs of $175,000 are allocated on the basis of budgeted warehouse-hours. Data Centre Department costs of $75,000 are allocated based on the number of computer log-on hours. The costs of operating departments Music and Books are $125,000 and $150,000, respectively. Data on budgeted warehouse-hours and number of computer log-on hours are as follows: Support Departments Production Departments Warehouse Department Data Centre Department Music Books Budgeted costs $175,000 $75,000 $125,000 $150,000 Budgeted warehouse-hours NA 250 500 750 Number of computer hours 100 NA 400 500 Required: Assign the support department costs to the production departments using: The Direct Method (3) The Step-Down Method assigning the Warehouse Department first (4) The Reciprocal Method using linear equations. (4)
Bartosiewicz Clinic uses client-visits as its measure of activity. During January, the clinic budgeted for 4,000 client-visits, but its actual level of activity was 3,980 client-visits. The clinic has provided the following data concerning the formulas used in its budgeting and its actual results for January: Data used in budgeting: Fixed element per month Variable element per client-visit Revenue - $ 36.00 Personnel expenses $ 28,000 $ 12.00 Medical supplies 2,000 6.00 Occupancy expenses 11,000 1.00 Administrative expenses 7,000 0.10 Total expenses $ 48,000 $ 19.10 Actual results for January: Revenue $ 124,750 Personnel expenses $ 70,500 Medical supplies $ 21,050 Occupancy expenses $ 14,000 Administrative expenses $ 7,850 The overall revenue and spending variance (i.e., the variance for net operating income in the revenue and spending variance column on the flexible budget performance…
Peter Rabbit, which had a six-week run with three performances on each weekend. The costs from the current year's planning budget appear below. The Little Theatre Costs from the Planning Budget For the Year Ended December 31 Budgeted number of productions 6 Budgeted number of performances 108 Actors and directors wages $224,640 Stagehands wages 41, 040 Ticket booth personnel and ushers wages 24,840 Scenery, costumes, and props 108,480 Theater hall rent 62, 640 Printed programs 35, 640 Publicity 12, 480 Administrative expenses 44, 280 Total $ 554, 040 Some of the costs vary with the number of productions, some with the number of performances, and some are fixed and depend on neither the number of productions nor the number of performances. The costs of scenery, costumes, props, and publicity vary with the number of productions. It doesn't make any difference how many times Peter Rabbit is performed, the cost of the scenery is the same. Likewise, the cost of publicizing a play with…
Blossom's Recording Studio rents studio time to musicians in two-hour blocks. Each session includes the use of the studio facilities, a digital recording of the performance, and a professional music producer/mixer. Anticipated annual volume is 1,000 sessions. The company has invested $1,963,500 in the studio and expects a return on investment of 20%. Budgeted costs for the coming year are as follows: Per Session Total Direct materials (tapes, CDs, etc.) $20 Direct labour. 380 Variable overhead 40 Fixed overhead $925,000 Variable selling and administrative expenses 30 Fixed selling and administrative expenses 475,000
During June, Tarras Corporation plans to serve 46,000 customers. The company uses the following revenueand cost formulas in its budgeting, where Q is the number of customers served. Revenue:$4.40Q Wages and salaries:$34,600 + $1.67Q Supplies:$0.87Q Insurance:$15,000 Miscellaneous expenses:$5,600 + $0.57Q Required:Prepare the company's planning budget for June. Show all your calculations and you may round youranswers to the nearest dollar.
Wildhorse's Recording Studio rents studio time to musicians in two-hour blocks. Each session includes the use of the studio facilities, a digital recording of the performance, and a professional music producer/mixer. Anticipated annual volume is 1,400 sessions. The company has invested $2,212,000 in the studio and expects a return on investment of 20%. Budgeted costs for the coming year are as follows: (a) Per Session Total Direct materials (tapes, CDs, etc.) $20 Direct labour 400 Variable overhead 45 Fixed overhead $1,330,000 Variable selling and administrative expenses 40 Fixed selling and administrative expenses 728,000 Your answer is correct. Determine the total cost per session. Total cost per session $ 1975 SUPPOR
Kirnon Clinic uses client-visits as its measure of activity. During July, the clinic budgeted for 2,000 client-visits, but its actual level of activity was 2,010 client-visits. The clinic has provided the following data concerning the formulas to be used in its budgeting: Fixed element per month Variable element per client-visit Revenue $ 0 $ 43.70 Personnel expenses $ 26,100 $ 12.10 Medical supplies 1,000 6.30 Occupancy expenses 6,800 1.60 Administrative expenses 3,000 0.20 Total expenses $ 36,900 $ 20.20 The activity variance for net operating income in July would be closest to: Multiple Choice A. $235 F B. $235 U C. $2,825 F D. $2,825 U
Flounder's Recording Studio rents studio time to musicians in 2-hour blocks. Each session includes the use of the studio facilities, a digital recording of the performance, and a professional music producer/mixer. Anticipated annual volume is 1,160 sessions. The company has invested $2,399,460 in the studio and expects a return on investment (ROI) of 20%. Budgeted costs for the coming year are as follows. Direct materials (CDs, etc.) Direct labor Variable overhead Fixed overhead Variable selling and administrative expenses Fixed selling and administrative expenses (a) Your answer is correct. Determine the total cost per session. Total cost $ (b) eTextbook and Media 1970 ROI $ Per Session $ 20 $405 $55 $35 per session Total per session $1,102,000 $585,800 Determine the desired ROI per session. (Round answer to 2 decimal places, e.g. 10.50.) Attempts: 1 of 5 used

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS