Question 2 2 pts Flexible Budgets: Josh's Jamming Cafe Josh's Jamming Caf put together a planning budget, which assumes serving 23,000 customers per month. The Cafe actually served 25,000 customers this month. Prepare the flexible budget and calculate the revenue and spending variances. For variances, input all variances as the absolute value (i.e. don't use negatives or positives), and instead communicate the direction of the variance using favorable, unfavorable or neutral in the multiple choice questions. Use the template below on scratch paper to calculate the flexible budget amounts and variances shaded in grey (then input your answers in the appropriate questions below): Planning Assumptions Planning Budget Actual Favorable, Flexible Variance Unfavorable, Budget Neutral Customers served 23,000 25,000 12.00 Revenue $276,000 $302,000 per customer Variable Expenses: (per customer) Fixed Wage expense $ 1.00 40,000 ? ? ? 63,000 68,000 Food $ 3.00 ? ? ? costs 69,000 72,500 Planning Assumptions Planning Budget Actual Favorable, Flexible Variance Unfavorable, Budget Neutral Customers served 23,000 25,000 12.00 Revenue per $275,000 $302,000 customer Variable Expenses: (per customer) Fixed Wage expense $ 1.00 40,000 ? ? ? 63,000 68,000 Food $ 3.00 ? ? ? costs 69,000 72,500 Rent ? 10,300 10,300 10,200 Advertising 800 800 950 Net operating income What was the flexible wage expense? Question 3 2 pts Flexible Budgets: Josh's Jamming Cafe For the variance questions that follow, input all variances as the absolute value (i.e. don't use negatives or positives), and instead communicate the direction of the variance using favorable, unfavorable or neutral in the multiple choice questions that follows the numerical response. What was the spending variance for wage expense? Question 4 2 pts Flexible Budgets: Josh's Jamming Cafe Was the spending variance for wage expense favorable, unfavorable or neutral? Favorable Unfavorable Neutral Question 5 2 pts Flexible Budgets: Josh's Jamming Cafe What were Flexible Food Costs? Question 6 2 pts Flexible Budgets: Josh's Jamming Cafe What was the Food costs spending variance? Question 7 2 pts Flexible Budgets: Josh's Jamming Cafe Was the food cost variance favorable, unfavorable or neutral? Favorable Unfavorable Neutral Question 8 2 pts Flexible Budgets: Josh's Jamming Cafe What was Flexible Rent expense