Determine the projected food sales by meal period for June 20X2. Assume that the first dayof the month is a Sunday.Problem 6Horner's Corner 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.Required:boc1. Determine the budget variance.2. Determine the volume variance.3. Determine the price variance.

Step 1 Budget variance = (Budgeted quantity * projected average price) - (Actual quantity * actual…

Answered: Determine the projected food sales by…

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 variances Rockport Industries Inc. gathered the following data for March: Planned Actual Sales price per unit $150 $144 Number of units of sales × 12,500 × 12,900 Total sales $1,875,000 $1,857,600 Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. a. Compute the revenue price variance. $fill in the blank 1 b. Compute the revenue volume variance. $fill in the blank 3 c. Compute the total revenue variance. $fill in the blank 5
Sales Variances; Quarter to Quarter Hathaway Products Inc. produces an innovative lighting system used in restaurants and high-end retail stores to provide a pleasing, warm atmosphere.Hathaway produces two versions of the product, called Starlight and Moonlight. Sales managementat Hathaway wants to complete a sales performance analysis and has collected the following information for the first quarter (Qtr. 1) and the second quarter (Qtr. 2) of the current fiscal year:Qtr. 2 Qtr. 1Sales units 12,000 10,000Sales mix for each productStarlight 20% 25%Moonlight 80% 75%PriceStarlight $35.00 $35.00Moonlight $85.00 $90.00Variable cost per unitStarlight $22.00 $22.00Moonlight $48.00 $48.00Fixed cost $150,000 $150,000[LO 16-3][LO 16-4]Final PDF to printerChapter 16 Operational Performance Measurement: Further Analysis of Productivity and Sales 701blo17029_ch16_671-712.indd 701 02/20/18 09:50 AMRequired1. Prepare a flexible-budget contribution income statement for Qtr. 2, showing the Qtr. 2…
2. Prepare the direct materials budget for the third quarter. For the left columns you will be using the prompted drop down options. There are 4 drop downs that need to be completed. **For the first drop down under "units to produce" the drop down options to choose from are: Budgeted units sales for month, Materials cost per pound, Materials required per unit (pounds), Materials to be purchased** **For the second and third drop down the options are: Add: Beginning material as inventory (pounds), Add: Desired ending materials inventory (pounds), Less: Beginning materials inventory (pounds), Less: Desired ending materials inventory (pounds).** **For the last drop down option above "Cost of direct materials purchased", the drop down options are: Budgeted units sales for month, Materials cost per pound, Materials required per unit (pounds), Materials to be purchased** For the second column you are prompted to fill in the blanks with numbers. Please use the exact format in the photo.…
For the coming period Candy has budgeted to purchase and use 41,650 ounces of icing at $0.21 an ounce. She budgeted for 19,800 full dozen doughnuts to be iced. If actual purchases and usage were 43,000 ounces at $0.19 an ounce and output was 20,000 full dozen iced doughnuts, what would the variances be? 1. Compute the flexible-budget variance 2. Compute the price and efficiency variances.
ndow Help mework.pdf 山 Aa v Question 3 A. An operation projected it would serve 10,000 guests at an average sale per guest of $11 in a specific budget period. In that period, the operation actually served 11,000 guests and achieved revenue of $100,000. What was the operation's variance in revenue for the period? B. A manager originally budgeted $85,500 in sales with a 38% food cost target. The revenue budgeted is revised upward to $100,000. What would be the amount projected for food cost in the new budget? e200.000 for the.
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Mia Wiz sells computers. During May, it sold 300 computers at a $700 per unit price. The fixed budget for May predicted sales of 350 computers at an per unit price of $660. AQ = Actual Quantity SQ = Standard Quantity AP = Actual Price SP = Standard Price 1&2. Compute the sales price variance and the sales volume variance for May. Identify it as favorable or unfavorable. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance.) Actual Sales Flexible Budget Budgeted Sales
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3.Covers book store showed the following operating budget for next year: Sales were $1942217, the Fixed cost was $450000, Total Variable Cost was$1210000, Total Cost was $1750000. What will it take to break even? (include two decimal places ) 4.Covers book store showed the following operating budget for next year: Sales were $1942217, the Fixed cost was $450000, Total Variable Cost was$1210000, Total Cost was $1750000. If the store wants to reduce the copies and make the book on-demand which decreases the variable cost by 10% and decreases the fixed cost by 120000 but increases revenue by 15% What will it take to break even? (include two decimal places) *
6. A company budgets to sell 600 units of product F at a sales price of N30. The standard füll cost of production is N20 for variable costs and N8 for fixed cost, i.e. N28 in total, so that the standard profit is 2 per unit of product F. If actual sales are 620 units for N20,460. You are required to determine the: (a) Sales price variance, and (b) Sales volume variance. 7. Kanako Ltd, manufactures one product, and the entire product is sold as soon as it is produced. There are no opening or elosing inventories and work-in- progress is negligible. The company operates a standard costing system and analysis of variance is made very month. The standard cost card for the product "ZOOM" is as follows: 0.5 kilos @ N4.00 per kilo 2hours @ N2.00 per hour 2 hours @ NO.30 per hour 2 hours @ N3.70 per hour Direct materials N2.00 Direct wages Variable overheads N4.00 N0.60 N7.40 N14.00 Fixed overheads Standard cost Standard profit Standard selling price N6.00 N20.00 Selling and administrative…

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