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The BIO 100 class prepares a budget for a trip. They expect to use 100 gallons of gas and pay $1.70 per gallon. In addition
The BIO 100 class prepares a budget for a trip. They expect to use 100 gallons of gas and pay $1.70 per gallon. In addition they estimate buying 5 meals at a cost of $90 per meal. They actually use 98 gallons and pay $1.75 per gallon and spend $435 for 4 meals.
From the foregoing information, compute the following variances. Indicate whether the variance is favorable (F) or unfavorable (U): (Show your work!)
- Gasoline quantity variance.
- Gasoline price variance.
- Meal quantity variance.
- Meal price variance.
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