BackgroundDream Resort is located on Lantau Island, which features two sister hotels and a number ofleisure facilities. A summary of the major services, facilities and catering outlets available inthe hotels are attached on page 8 and page 9 respectively.You, as a management trainee in the Accounting Department of the resort, are recentlyinstructed to assist different operation departments in reviewing the financial data obtained,sharing basic accounting knowledge and offering suggestions to improve the financialperformance of the department in the coming financial year.Question 1A. Below is the data obtained from Sky Lounge in March 2022 for conducting revenuevariance analysis:ActualBudgetNo. of Covers8,8359,120- Price variance- Volume variance- Total varianceAverage Check$279$255Conduct the following variance analysis and evaluate the results. Show the steps in yourcalculation.B. List any two (2) categories of comparisons that can be made on evaluating the averagecheck which Sky Lounge achieved and explain each with an example to the Manager ofSky Lounge.

Price variance : Comparison between budgeted price and actual price for actual output (Average…

Conduct the following variance analysis and evaluate the results. Show the steps in your calculation. - Price variance - Volume variance - Total variance List any two (2) categories of comparisons that can be made on evaluating the average check which Sky Lounge achieved and explain each with an example to the Manager of Sky Lounge.

Conduct the following variance analysis and evaluate the results. Show the steps in your calculation. - Price variance - Volume variance - Total variance List any two (2) categories of comparisons that can be made on evaluating the average check which Sky Lounge achieved and explain each with an example to the Manager of Sky Lounge.

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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