Chapter 9: Applying Excel Data $16.50 q $6.25 q Revenue Cost of ingredients Wages and salaries Utilities $10,400 $800 $2,200 $600 $0.20 q + Rent $0.80 q Miscellaneous Actual results: $27,920 $11,110 $10,130 $1,080 $2,200 $2,240 Revenue Cost of ingredients Wages and salaries Utilities Rent Miscellaneous Planning budget activity Actual activity 1,800 meals served 1,700 meals served Enter a formula into each of the cells marked with a ? below Review Problem: Variance Analysis Using a Flexible Budget Construct a flexible budget performance report Revenue and Planning Budget Spending Variances Flexible Activity Variances Actual Budget Results Meals served ? ? Revenue ? ? ? ? ? Expenses: Cost of ingredients Wages and salaries Utilities ? ? ? ? ? ? ? ? ? Rent ? ? ? ? Miscellaneous ? ? ? Total expenses ? ? ? ? ? Net operating income ? Requirement 2: Revise the data in your worksheet to reflect the results for the subsequent period as shown below: A C E 1 Chapter 9: Applying Excel 2 Data 3 4 Revenue $ 16.50 5 Cost of ingredients $ 6.25 q $ 10,400 Wages and salaries 6 7 Utilities $ $ 800 0.20 q $ 2,200 8 Rent $ Miscellaneous $ 600 0.80 9 10 11 Actual results: $ 30,295 $ 11,060 $ 10,310 12 Revenue 13 Cost of ingredients 14 Wages and salaries $ 1,180 15 Utilities 16 Rent 17 Miscellaneous $ 2,200 $ 2,065 18 meals served 19 Planning budget activity 1,700 meals served 20 Actual activity 1,800 a. What is the activity variance for revenue? (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance)). Answer is complete and correct. The amount of the activity variance for revenue $ 1,650 F b. What is the spending variance for the cost of ingredients? (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance)) Answer is complete but not entirely correct. The amount of the spending variance for the cost of ingredients $ 485X F c. What is spending variance for wages and salaries? (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance)). Answer is complete but not entirely correct. The amount of the spending variance for wages and salaries $ 270X F d. What is spending variance for total expenses? (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance)). Answer is complete but not entirely correct. The amount of the spending variance for total expenses 435X F $ Requirement 2: Revise the data in your worksheet to reflect the results for the subsequent period as shown below: B A C E Chapter 9: Applying Excel 1 2 Data 3 Revenue 16.50 q $ Cost of ingredients 6.25 q $ Wages and salaries 10,400 5 Utilities $ $ 800 0.20 + q 6 $ Rent 2,200 7 $ Miscellaneous $ 600 0.80 + 9 Actual results 10 $ 29,430 |$ 11,160 Revenue 11 Cost of ingredients 12 Wages and salaries 13 Utilities 14 $ 10,225 $ 1,210 $ Rent 2,200 15 $ Miscellaneous 2,045 16 meals served 17 Planning budget activity 18 1,700 meals Actual activity 1,800 served 19 20 a. What is the activity variance for revenue? (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance)). Answer is complete and correct. The amount of the activity variance for revenue $ 1,650 F b. What is the spending variance for the cost of ingredients? (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance)). Answer is complete but not entirely correct. The amount of the spending variance for the cost of ingredients $ 535X F c. What is spending variance for wages and salaries? (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance)). Answer is complete and correct. The amount of the spending variance for wages and salaries $ 175 F d. What is spending variance for total expenses? (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance)). Answer is complete but not entirely correct. The amount of the spending variance for total expenses 515X F $
