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xevenue (3.5e Expenses: Raw materials ($2.30g) Wages and salaries (56,200+ $0.20g) Utilities ($1,900+ $0.059) Facility rent ($3,600) Insurance ($2,900) Miscellaneous ($400 + 50.100) Total expense Net operating income $160,000 64,400 11,800 3,300 3,600 2,900 3,200 89,200 16 809

xevenue (3.5e Expenses: Raw materials ($2.30g) Wages and salaries (56,200+ $0.20g) Utilities ($1,900+ $0.059) Facility rent ($3,600) Insurance ($2,900) Miscellaneous ($400 + 50.100) Total expense Net operating income $160,000 64,400 11,800 3,300 3,600 2,900 3,200 89,200 16 809

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 (34.500/ Expenses: Raw materials ($2.30g) Wages and salaries ($6,200+ $0.20g) Utilities ($1,900+ $0.059) Facility rent ($3,600) Insurance ($2,900) Miscellaneous ($400+ $0.109) Total expense Net operating income Revenue Expenses: Flight Café Activity Variances For the Month Ended July 31 Raw materials Wages and salaries Utilities Facility rent Insurance Required: 1. Calculate the company's activity variances for July. (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.) Miscellaneous $160,000 Total expense Net operating income 64,400 11,800 3,300 3,600 2,900 3,200 89,200 $36,800
Transcribed Image Text:Revenue (34.500/ Expenses: Raw materials ($2.30g) Wages and salaries ($6,200+ $0.20g) Utilities ($1,900+ $0.059) Facility rent ($3,600) Insurance ($2,900) Miscellaneous ($400+ $0.109) Total expense Net operating income Revenue Expenses: Flight Café Activity Variances For the Month Ended July 31 Raw materials Wages and salaries Utilities Facility rent Insurance Required: 1. Calculate the company's activity variances for July. (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.) Miscellaneous $160,000 Total expense Net operating income 64,400 11,800 3,300 3,600 2,900 3,200 89,200 $36,800
es Exercise 9-2 Activity Variances [LO9-2] 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 (9) Revenue ($4.50q) Expenses: Raw materials ($2.30q) Wages and salaries ($6,200+ $0.209) Utilities ($1,900 + $0.05q) Facility rent ($3,600) Insurance ($2,900) Miscellaneous ($400+ $0.10q) Total expense Net operating income Budgeted meals (q) 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 Revenue ($4.50q) Expenses: Raw materials ($2.309) Wages and salaries ($6,200+ $0.209) Utilities ($1,900 + $0.054) 27,000 $121,500 62,100 11,600 3,250 Facility rent ($3,600) Insurance ($2,900) Miscellaneous ($400+ se.10q) Total expense Net operating income 3,66 2,900 3,100 86,550 $ 34,950 28,000 $126,000 64,400 11,800 3,300 3,600 2,900 3,200 89,200 $ 36,800
Transcribed Image Text:es Exercise 9-2 Activity Variances [LO9-2] 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 (9) Revenue ($4.50q) Expenses: Raw materials ($2.30q) Wages and salaries ($6,200+ $0.209) Utilities ($1,900 + $0.05q) Facility rent ($3,600) Insurance ($2,900) Miscellaneous ($400+ $0.10q) Total expense Net operating income Budgeted meals (q) 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 Revenue ($4.50q) Expenses: Raw materials ($2.309) Wages and salaries ($6,200+ $0.209) Utilities ($1,900 + $0.054) 27,000 $121,500 62,100 11,600 3,250 Facility rent ($3,600) Insurance ($2,900) Miscellaneous ($400+ se.10q) Total expense Net operating income 3,66 2,900 3,100 86,550 $ 34,950 28,000 $126,000 64,400 11,800 3,300 3,600 2,900 3,200 89,200 $ 36,800
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