Question

(Q4-Q10) Subway at the Student Union projected 3,000 lunches to be sold for September at an...

(Q4-Q10) Subway at the Student Union projected 3,000 lunches to be sold for September at an average price of $5.50. The actual sales were 3,200 meals and food revenue of $18,400. Use the table below to solve the questions.

Meals (# of units)

Price/unit

Total Revenue

Budget

3,000

$5.5

?

Actual

3,200

?

$18,400
  1. What was the total budgeted revenue?
  1. What was the actual price per unit?
  1. Determine the budget variance (i.e., total revenue variance).
  1. Determine the volume variance.
  1. Determine the price variance.
  1. Determine the price-volume variance
  1. Which variance was favorable in September? (         )

A. The volume variance

B. The price variance

C. The budget variance (i.e., total revenue variance)

D. All of the above

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Miller Café budgeted 3,000 covers to be sold for December and the average food cost per...
Miller Café budgeted 3,000 covers to be sold for December and the average food cost per cover is $4.00. The actual sales were 2,900 covers and average food cost per cover is $3.50. What is the amount of the Budget Variance? Determine the it is favorable or unfavorable. (2 points) What is the amount of the Cost Variance? Determine it is favorable or unfavorable. (2 points) What is the amount of the Volume Variance? Determine it is favorable or unfavorable....
How many of the following variances are unfavorable? Item Budget Actual Sales price $350 $380 Sales...
How many of the following variances are unfavorable? Item Budget Actual Sales price $350 $380 Sales revenue $15,000 $12,500 Cost of goods sold $10,000 $9,000 Selling and administrative expenses $3,200 $3,500 Labor costs $1,800 $1,680 Production volume 1,300 units 1,260 units Group of answer choices 4 1 0 2 5 3 6 Favors Publishing has the following budgeted and actual amounts Budgeted Actual Sales price / book $90.00 $87.00 Book sales 30,000 books 32,000 books Calculate Favor's Publishing's sales volume...
XYZ Company's budgeted and actual results for last year are as follows: Master budget Actual results...
XYZ Company's budgeted and actual results for last year are as follows: Master budget Actual results Price $600 $700 Sales volume (units) 7,000 5,000 Unit VC $200 $200 Fixed costs $200,000 $200,000 Required: (a) Compute budgeted and actual revenue, costs and profits: Master budget Actual Sales volume (units) Revenue $ $ Variable costs $ $ Contribution margin $ $ Fixed costs $ $ Profit $ $ In (b)-(d) below, enter favorable and unfavorable variances as positive and negative numbers, without...
Flight Café prepares in-flight meals for airlines in its kitchen located next to a local airport....
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) 26,000 Revenue ($4.40q) $ 114,400 Expenses: Raw materials ($2.00q) 52,000 Wages and salaries ($6,500 + $0.20q) 11,700 Utilities ($2,000 + $0.05q) 3,300 Facility rent ($3,200) 3,200 Insurance ($2,400) 2,400 Miscellaneous ($300 + $0.10q) 2,900 Total expense 75,500 Net operating income $ 38,900 In...
Exercise 9-2 Activity Variances [LO9-2] Flight Café prepares in-flight meals for airlines in its kitchen located...
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 (q) 25,000 Revenue ($4.50q) $ 112,500 Expenses: Raw materials ($2.10q) 52,500 Wages and salaries ($6,300 + $0.20q) 11,300 Utilities ($2,000 + $0.05q) 3,250 Facility rent ($3,200) 3,200 Insurance ($2,600) 2,600 Miscellaneous ($500 + $0.10q) 3,000 Total expense 75,850 Net...
The following data were drawn from the records of Perez Corporation. Planned volume for year (static...
The following data were drawn from the records of Perez Corporation. Planned volume for year (static budget) 3,000 units Standard direct materials cost per unit 2.30 pounds @ $ 1.60 per pound Standard direct labor cost per unit 2.20 hours @ $ 3.50 per hour Total expected fixed overhead costs $ 13,200 Actual volume for the year (flexible budget) 3,200 units Actual direct materials cost per unit 1.80 pounds @ $ 2.20 per pound Actual direct labor cost per unit...
Fanning Educational Services had budgeted its training service charge at $70 per hour. The company planned...
Fanning Educational Services had budgeted its training service charge at $70 per hour. The company planned to provide 21,000 hours of training services during 2019. By lowering the service charge to $52 per hour, the company was able to increase the actual number of hours to 22,100. Required Determine the sales volume variance, and indicate whether it is favorable (F) or unfavorable (U). (Select "None" if there is no effect (i.e., zero variance).) Determine the flexible budget variance, and indicate...
QUESTION 1: TB Problem Qu. 9-398 During September, Clendennen Corporation budgeted for... During September, Clendennen Corporation...
QUESTION 1: TB Problem Qu. 9-398 During September, Clendennen Corporation budgeted for... During September, Clendennen Corporation budgeted for 37,000 customers, but actually served 35,000 customers. The company uses the following revenue and cost formulas in its budgeting, where q is the number of customers served: Revenue: $4.50q Wages and salaries: $36,200 + $1.83q Supplies: $0.73q Insurance: $13,200 Miscellaneous expense: $6,200 + $0.23q Required: Prepare the company's flexible budget for September based on the actual level of activity for the month....
Rundle Educational Services had budgeted its training service charge at $84 per hour. The company planned...
Rundle Educational Services had budgeted its training service charge at $84 per hour. The company planned to provide 26,000 hours of training services during Year 3. By lowering the service charge to $71 per hour, the company was able to increase the actual number of hours to 27,900. Required Determine the sales volume variance, and indicate whether it is favorable (F) or unfavorable (U). (Select "None" if there is no effect (i.e., zero variance).) Determine the flexible budget variance, and...
Campbell Manufacturing Company established the following standard price and cost data: Sales price $ 8.70 per...
Campbell Manufacturing Company established the following standard price and cost data: Sales price $ 8.70 per unit Variable manufacturing cost $ 3.30 per unit Fixed manufacturing cost $ 3,000 total Fixed selling and administrative cost $ 900 total Campbell planned to produce and sell 2,300 units. Actual production and sales amounted to 2,500 units. Required Determine the sales and variable cost volume variances. Classify the variances as favorable (F) or unfavorable (U). Determine the amount of fixed cost that will...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT