Flight Café Planning Budget For the Month Ended July 31 Budgeted meals (q) Revenue ($4.10q) Expenses: Raw materials ($2.30q) Wages and salaries ($6,300 + $0.20q) Utilities ($1,800 + $0.05q) Facility rent ($3,200) Insurance ($2,400) Miscellaneous ($600 + $0.10q) Total expense Net operating income 27,000 $ 110,700 62,100 11,700 3,150 3,200 2,400 3,300 85,850 $ 24,850 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) Revenue ($4.10q) Expenses: Raw materials ($2.30q) Wages and salaries ($6,300+ $0.20q) Utilities ($1,800 + $0.05q) Facility rent ($3,200) Insurance ($2,400) Miscellaneous ($600 +$0.10q) Total expense Net operating income Required: 28,000 $ 114,800 64,400 11,900 3,200 3,200 2,400 3,400 88,500 $ 26,300 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.)

Flight Café Planning Budget For the Month Ended July 31 Budgeted meals (q) Revenue ($4.10q) Expenses: Raw materials ($2.30q) Wages and salaries ($6,300 + $0.20q) Utilities ($1,800 + $0.05q) Facility rent ($3,200) Insurance ($2,400) Miscellaneous ($600 + $0.10q) Total expense Net operating income 27,000 $ 110,700 62,100 11,700 3,150 3,200 2,400 3,300 85,850 $ 24,850 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) Revenue ($4.10q) Expenses: Raw materials ($2.30q) Wages and salaries ($6,300+ $0.20q) Utilities ($1,800 + $0.05q) Facility rent ($3,200) Insurance ($2,400) Miscellaneous ($600 +$0.10q) Total expense Net operating income Required: 28,000 $ 114,800 64,400 11,900 3,200 3,200 2,400 3,400 88,500 $ 26,300 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.)

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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Flight Café prepares in-flight meals for airlines and its planning budget for July appears below: Flight Café Planning Budget For the Month Ended July 31 Budgeted meals (q) Revenue ($4.20q) Expenses: Raw materials ($2.209) Wages and salaries ($6,500 + $0.209) Utilities ($1,900 + $0.059) Facility rent ($3,100) Insurance ($2,900) Miscellaneous ($800 + $0.109) Total expenses Net operating income 26,000 $ 109,200 57,200 11,700 3,200 3,100 2,900 3,400 81,500 $ 27,700 In July, 27,000 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) Revenue ($4.20q) Expenses: Raw materials ($2.209) Wages and salaries ($6,500+ $0.209) Utilities ($1,900 + $0.059) Facility rent ($3,100) Insurance ($2,900) Miscellaneous ($800+ $0.10q) Total expenses Net operating income Required: 1. Calculate the company's activity variances for July. 27,000 $ 113,400 59,400 11,900 3,250 3,100 2,900 3,500…
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