Requirement 2: Revise the data in your worksheet to reflect the results for the subsequent period as shown below: 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)). 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)). 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)). \begin{tabular}{|c|c|c|c|c|c|c|c|} \hline \multicolumn{8}{|c|}{ Chapter 9: Applying Excel } \\ \hline \multicolumn{8}{|l|}{ Data } \\ \hline Revenue & & & $16.50 & q & & & \\ \hline Cost of ingredients & & & $6.25 & q & & & \\ \hline Wages and salaries & $10,400 & & & & & & \\ \hline Utilities & $800 & + & $0.20 & q & & & \\ \hline Rent & $2,200 & & & & & & \\ \hline Miscellaneous & $600 & + & $0.80 & q & & & \\ \hline \multicolumn{8}{|l|}{ Actual results: } \\ \hline Revenue & $27,920 & & & & & & \\ \hline Cost of ingredients & $11,110 & & & & & & \\ \hline Wages and salaries & $10,130 & & & & & & \\ \hline Utilities & $1,080 & & & & & & \\ \hline Rent & $2,200 & & & & & & \\ \hline Miscellaneous & $2,240 & & & & & & \\ \hline Planning budget activity & 1,800 & meals serv & & & & & \\ \hline Actual activity & 1,700 & meals serv & & & & & \\ \hline \multicolumn{8}{|c|}{ Enter a formula into each of the cells marked with a ? below } \\ \hline \multicolumn{8}{|c|}{ Review Problem: Variance Analysis Using a Flexible Budget } \\ \hline \multicolumn{8}{|c|}{ Construct a flexible budget performance report } \\ \hline & & Revenue & & & & & \\ \hline & & and & & & & & \\ \hline & Actual & Spending & & Flexible & Activity & & Planning \\ \hline & Results & Variances & & Budget & Variances & & Budget \\ \hline Meals served & 1,700 & & & 1,700 & 100 & & 1,800 \\ \hline Revenue & $27,920 & 130 & u & $28,050 & $1,650 & U & $29,700 \\ \hline \multicolumn{8}{|l|}{ Expenses: } \\ \hline Cost of ingredients & 11,110 & 485 & U & 10,625 & 625 & F & 11,250 \\ \hline Wages and salaries & 10,130 & 270 & F & 10,400 & - & & 10,400 \\ \hline Utilities & 1,080 & 60 & F & 1,140 & 20 & F & 1,160 \\ \hline Rent & 2,200 & 280 & & 2,200 & - & & 2,200 \\ \hline Miscellaneous & 2,240 & 280 & u & 1,960 & 80 & F & 2,040 \\ \hline Total expenses & 26,760 & 435 & U & 26,325 & 725 & F & 27,050 \\ \hline Net operating income & $1,160 & 565 & U & $1,725 & 925 & U & $2,650 \\ \hline \end{tabular}