Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The Council oversaw the following fundraising activities: Milk Days During the first week of school, the Council offered a daily milk program to the Schools

The Council oversaw the following fundraising activities:

Milk Days During the first week of school, the Council offered a daily milk program to the Schools 620 students, whereby a student would receive a 250 ml carton of 2% white milk or 1% chocolate milk at lunch time on each school day. The Council negotiated a purchase price of $0.40 per carton with a local grocery store, Brunos Food Port, based on an expected enrollment of 300 students in the milk program. Parents had to sign up their students for the entire school year at a weekly price of $2.50 for 40 weeks (which takes into account PD days and March Break). The payment for the entire school year was submitted with a sign-up form and dropped off at the Schools main office. Based on the sign-up forms collected, 60% of the Schools students enrolled in the program. The office remitted all of the collected funds to the Treasurer. A cheque was issued to Brunos Food Port on October 1, 2016 to pay the entire purchase price for the school year.

Pizza Lunches Beginning in September, the Council offered pizza lunches to students on the first Tuesday of each month and on the last Friday of each month. Students could choose from the following options:

1 slice for $2.00, either cheese or pepperoni

2 slices for $3.50, either cheese or pepperoni

The Council initially estimated that 40% of students would participate on each pizza day, of which 50% of students would choose the one slice option. The Council planned to order extra-large pizzas with 10 slices at a cost of $16 perpizza from Antonellos Pizzeria. Unfortunately, Antonellos Pizzeria went out of business before the first pizzaday and the Council instead purchased from Little Brutuss at a cost of $17 per10 slice pizza. Pizza slices were distributed at a central location in the school. The cash was collected by Council volunteers on each pizza day and then remitted to the Treasurer. A cheque for the pizzas ordered was issued to LittleBrutuss on each pizza day. In December, a Council volunteer tallied all the orders and noted that a total of 550 pizzas were ordered from September to December. On average, 420 students had participated in the program on each pizza day, and 60% had chosen the one slice option. She commented that there were often extra slices at the end of pizza day that were not sold because the right number of cheese or pepperoni pizzas were not ordered.

Pumpkin Drive The Council partnered with a local farm, Chudleighs Farm (CF), to sell pumpkinsin the month of October. Students could sell large pumpkins for $7, medium pumpkins for $5 and small pumpkins for $3. CF agreed to charge the Council $5 for large pumpkins, $4 for medium pumpkins and $3 for small pumpkins. Students accepted cash for payment and then remitted the amount to their teacher with their order form. Each teacher submitted a summary order form and all of the monies collected were remitted to the Treasurer. At the time of invoicing, CF decided to donate the small pumpkins at no cost because the Schools students had sold so many large and medium pumpkins. Based on the invoice received from CF, the number of pumpkins delivered to the School was as follows:

Large 870

Medium 615

Small 375

A cheque was issued to CF on December 1, 2016.

Garbage Bag Sales In November, the Council held a garbage bag fundraising campaign through a program with Poly Bag Central (PBC). Each student was given a brochure from which consumers could select garbage bag products to purchase. Students collected cash at the time of ordering and then submitted the funds with their order envelope to the Schools main office. Once all the forms were collected, the Council sent theorder forms to PBC and the Treasurer collected the cash. Teachers collected envelopes from 470 students and a total of 1,830 rolls were sold. A cheque was issued to PBC on December 15, 2016 to pay for the rolls sold.

The following items were offered in the brochure:

image text in transcribed

Student Pictures

In early December, Picture Perfect Imaging (PPC) visited the School and took pictures of each of the 620 students. Parents were offered the following picture packages for purchase:

Package A $45

Package B $38

Package C $30

Package D $25

Package E $10

Each homeroom teacher collected the cash payments from the students and then submitted a summary form of packages ordered and the money collected to the Treasurer. The agreement with PPC required that the School submit a payment equal to 95% of total sales and keep a 5% commission. However, if more than 90% of students purchased pictures, the School would only have to submit 80% of total sales and the commission increased to 20%.

Based on the summary forms prepared by the teachers, the following numbers of packages were purchased:

Package A 190

Package B 145

Package C 80

Package D 120

Package E 40

In late December, a cheque was issued to PPC to pay for the packages purchased.

Required:

image text in transcribed

image text in transcribed

The account balance was $11,400 at the end of the year but the statement of fundraising efforts shows a net profit of $12,442. Please redraft the Statement of Fundraising Activities for any errors or concerns you find.

Number of Bags per Roll Item Description Dimensions Selling Price Cost per Roll* per Roll $12 $12 $12 (Width x Length) Compostable Bags 41 cm x 42 cm Kitchen Bags Large Garbage Bags76 cm x 83 cm 30 50 20 $7.60 $7.60 $7.60 50 cm x 53 cm

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

More Books

Students also viewed these Finance questions