Table 1: All Figures in $ KALAMAZOO ZOO Financial Statement 2009 Revenues: ACTUAL BUDGETED Gate Ticket Revenue from visitors License Revenue from the food court Donations from individuals Grants for the Tiger Conservation Project Grants for the Rhino Conservation Project Grants for the Yellow-billed Cuckoo Conservation Project Subsidies from the state government * Funds received directly from Federal government Total Revenues 100,000 100,000 50,000 180,000 100,000 120,000 200,000 120,000 100,000 100,000 150,000 100,000 100,000 150,000 850,000 820,000 Expenditures: Salary of Zoo Director Salaries for Assistant Zoo Keepers (2 total) Wages and Salary for Animal Handlers Security, Office and Support staff Wages Fringe Benefits cost for employees (health insurance, etc.) Food and Provision costs for animals Overtime costs Utilities Transportation and facilities for visitors 80,000 100,000 100,000 50,000 130,000 360,000 100,000 50,000 100,000 80,000 100,000 100,000 50,000 130,000 240,000 40,000 30,000 50,000 Total Expenditures 1,070,000 820,000 QUESTION 1: Perform a revenue and expenditure variance on the 2009 Kalamazoo budget based on the information provided in Table 1. State whether the revenue variance is favorable or unfavorable. State whether the expenditure variance is favorable or unfavorable. Use template #1 below to guide your analysis. Template 1 Variance Type Actual Budget Variance Amount Favorable/ Unfavorable Revenue Variance Expenditure Variance Table 2: Operating Data Number of Visitors Price per Admission Ticket Number of donations Value of each donation Number of animals in the Zoo Food Consumed /animal/year Overtime costs Number of Zoo open days Actual 10,000 $10.00 1000 $50 120 $3000 $434/day 230 Budgeted 15,000 $8.00 500 $200 100 $2400 $120/day 250 QUESTION 2: Using the additional operating data on Kalamazoo provided in Table 2, compute revenue quantity variance and price variance for annual ticket revenue and state whether each is favorable or unfavorable. What do we know about the zoo from doing this analysis? Template 2: Ticket Revenue Variance Revenue Variance Actual Quantity Budgeted Quantity QUANTITY Variance Budgeted Price Favorable/ Unfavorable Actual Price Revenue Variance Budgeted Price Variance Actual Quantity Favorable/ Unfavorable PRICE APA