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Question 4 1 pts The Corporate Caterers Ltd specialises in catering for ofce parties. Over the past six months. business has started to pick up. particularly as the number of employee farewell' parties has increased in the larger corporations. A performance report, which contains comparisons between actual and budgeted revenues and costs, is produced at the end of each month. Budgeted costs were developed last year and are based on an average of two parties per week. However. the company is currently catering for three parties per week. Heidi Brown. the manager of The Corporate Caterers. says she has little use for the monthly performance report. She is pleased that monthly sales revenue variances are favourable, but does not understand why cost variances are unfavourable. Required: 1. Explain why monthly revenues may be favourable and cost variances unfavourable. 2. How might The Corporate Caterers improve its monthly performance reporting? 3. Explain to Heidi the advantages of expanding the monthly performance report to include non-nancial measures. Edit View Insert Format Tools Table 12w Parasraohv B I 2 Av av T=v 00v Ev raw lav av 2v EV g 1/; EV a a ll