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Problem 2 Meals Company is a startup company producing and delivering boxed meals to tailgate parties. The company operates four months, September through December, during a fiscal year. Assume there are zero costs during the ensuing eight months. The company owner has forecasted the following sales and financial data for the upcoming fiscal year: Meal boxes sold 20,000 total boxes; the sales forecast for the meals sold by month follows: Forecast September 5,000 October 5,000 November 8,000 December 2,000 $5.00 $2.00 per box Meal box sales price Food cost Wages Food preparer Owner Utilities Fuel $10 per hour; 0.05 hours per box $20,000 salary $1,000+ $0.10 per box $3.50 per gallon 20 miles per gallon 400 total miles driven delivering meals $4,000 $6,000 Facilities Miscellaneous Required (a) Prepare an annual budget for the fiscal year Annual Budget $ Revenue Expenses Total Expenses NOI (b) Assume the entire company sales and costs occur during a 4 month fall period. Assume there are zero costs during the ensuing eight months. The actual ales of meals through the end of November were as follows: September October November December (forecast) Actual 4,500 5,800 9,000 2,000 Assume the company owner uses a flexible budget to analyze cost. The following results for November were recorded: Actual miles driven: 125 miles The static budget and actual results for November were as follows: November Budget $40,000 Flex Budget Flexed Variance Actual $44,500 Revenue Expenses Salaries and Wages Raw Materials Utilities Fuel $9,000 $16,000 $1,050 $18 $1,000 $1,500 $28,568 $11,433 $9,700 $17,200 $1,200 $30 $1,000 $1,500 $30,630 $13,870 Facilities Miscellaneous Total Expenses NOI Required: Compute November's flexible budget and the flexed variance (variance between actual and flexed budget). Enter the results into the above table. Show your calculations below