UQuestion 7The Hernandex Company held a Christmas party. The company expected attendance of 150 peopleand prepared the following budget:Hotel room rentalEntertainmentFoodDecorationsEntertainmentFood$800Frit Format Table500Total Costs:$2.300Two hundred people attended the party. The costs incurred were:Hotel room rental$675640700Decorations350Total Costs$2.365A. What is the variance for total costs and it's favorable or unfavorable?B. What is the primary reason for the variance in total costs?600400

Solution:a. The variance total cost :Standard costActual costHotel room rental$ 800$ 675Food $ 600$…

The Hernandex Company held a Christmas party. The company expected attendance of 150 people repared the following budget: room rental tainment $800 500 600 400 osts $2.300 ndred people attended the party. The costs incurred were: pom rental $675 nment 640 700 350 $2.365 tions ons sts

The Hernandex Company held a Christmas party. The company expected attendance of 150 people repared the following budget: room rental tainment $800 500 600 400 osts $2.300 ndred people attended the party. The costs incurred were: pom rental $675 nment 640 700 350 $2.365 tions ons sts

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

Required: Prepare Shadee's budgeted income statement for the months of May and June Note: Do not round your intermediate calculations. Round your answers to 2 decimal places. Required: Calculate Shadee's total cash receipts for August and September Note: Do not round your intermediate calculotions. Round your onswers to the nearest whole dollor.
hello!! please help! I think this is right
Flight Café prepares in-flight meals for airlines in its kitchen located next to a local airport. The company’s planning budget for July appears below: Flight Café Planning Budget For the Month Ended July 31 Budgeted meals (q) 27,000 Revenue ($4.00q) $ 108,000 Expenses: Raw materials ($2.00q) 54,000 Wages and salaries ($6,200 + $0.20q) 11,600 Utilities ($2,100 + $0.05q) 3,450 Facility rent ($3,500) 3,500 Insurance ($2,000) 2,000 Miscellaneous ($700 + $0.10q) 3,400 Total expense 77,950 Net operating income $ 30,050 In July, 28,000 meals were actually served. The company’s flexible budget for this level of activity appears below: Flight Café Flexible Budget For the Month Ended July 31 Budgeted meals (q) 28,000 Revenue ($4.00q) $ 112,000 Expenses: Raw materials ($2.00q) 56,000 Wages and salaries ($6,200+ $0.20q) 11,800 Utilities ($2,100 + $0.05q) 3,500 Facility rent ($3,500) 3,500 Insurance ($2,000) 2,000 Miscellaneous…
Quilcene Oysteria farms and sells oysters in the Pacific Northwest. The company harvested and sold 7,100 pounds of oysters in Augus The company's flexible budget for August appears below: Quilcene Oysteria Flexible Budget For the Month Ended August 31 Actual pounds (q) Revenue ($4.15q) Expenses: Packing supplies ($0.35q) Oyster bed maintenance ($3,100) Wages and salaries ($2,500 + $0.35q) Shipping ($0.55q) Utilities ($1,290) Other ($480 + $0.019) Total expense Net operating income The actual results for August appear below: Quilcene Oysteria Income Statement For the Month Ended August 31 7,100 $ 29,465 2,485 3,100 4,985 3,905 1,290 551 16,316 $ 13,149 Actual pounds 7,100 Revenue $ 27,000 Expenses: Packing supplies 2,655 Oyster bed maintenance 2,960 Wages and salaries 5,395 3,635 1,100 1,171 16,916 Shipping Utilities Other Total expense Net operating income. Required: $ 10,084 Calculate the company's revenue and spending variances for August. (Indicate the effect of each variance by…
Quilcene Oysteria farms and sells oysters in the Pacific Northwest. The company harvested and sold 7,300 pounds of oysters in August. The company's flexible budget for August appears below: Quilcene Oysteria Flexible Budget For the Month Ended August 31 Actual pounds (q) 7,300 Revenue ($4.20q) $ 30, 660 Expenses: Packing supplies ($0.40q) 2,920 Oyster bed maintenance ($3,100) 3, 100 Wages and salaries ($2,600 + $0.30q) 4,790 Shipping ($0.65q) 4,745 Utilities ( $1,200) 1,200 Other ($420 + $0.01q) 493 Total expense 17,248 Net operating income $ 13,412 The actual results for August appear below: Quilcene Oysteria Income Statement For the Month Ended August 31 Actual pounds 7,300 Revenue $ 27,400 Expenses: Packing supplies 3,090 Oyster bed maintenance 2,960 Wages and salaries 5,200 Shipping 4,475 Utilities 1,010 Other 1,113 Total expense 17,848 Net operating income $ 9,552 Required: Calculate the company' s revenue and spending variances for August. (Indicate the effect of each variance by…
6. Dauber Inc. budgeted production of 33,000 personal journals in 20Y6. Each journal requires assembly. Assume that four minutes are required to assemble each journal. If assembly labor costs $16.25 per hour, determine the direct labor cost budget for 20Y6. Do not round your intermediate calculations but, if required, round your final answer to the nearest dollar. $______
Saved antcring overhead s budgeted to be $33,000 plus $6 per unit produced. What Is budgeted manufacturing overhead for AuguUst? 32 Sylerh tas brecast production for the next three months as follows: July 6,500 units, August 8,200 units, September 9,100 units. Monthly Mutole Choice S82.200 $I2.000 $9.200 SE7500