{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-05-22T06:03:57-04:00", "answer_date": "2024-05-22 06:03:57", "is_docs_available": "", "is_excel_available": "", "is_pdf_available": "", "count_file_available": 0, "main_page": "student_question_view", "question_id": "1496529", "url": "\/study-help\/questions\/the-solomon-management-association-held-its-annual-public-relations-luncheon-1496529", "question_creation_date_js": "2024-05-22T06:03:57-04:00", "question_creation_date": "May 22, 2024 06:03 AM", "meta_title": "[Solved] The Solomon Management Association held i | SolutionInn", "meta_description": "Answer of - The Solomon Management Association held its annual public relations luncheon in April Year 2. Based on the previous ye | SolutionInn", "meta_keywords": "solomon,management,association,held,annual,public,relations,luncheon,april,year,2,based", "question_title_h1": " The Solomon Management Association held its annual public relations luncheon in April Year 2. Based on the previous year's results. the organization allocated $28.472", "question_title": " The Solomon Management Association held its annual public relations luncheon in", "question_title_for_js_snippet": "The Solomon Management Association held its annual public relations luncheon in April Year 2 Based on the previous year's results the organization allocated $28 472 of its operating budget to cover the cost of the luncheon To ensure that costs would be appropriately controlled, Molly Hubbard, the treasurer, prepared the following budget for the Year 2 luncheon The budget for the luncheon was based on the following expectations 1 The meal cost per person was expected to be $13 20 The cost driver for meals was attendance, which was expected to be 1 540 Individuals 2 Postage was based on $0 72 per invitation and 3,700 invitations were expected to be mailed The cost driver for postage was number of invitations mailed 3 The facility charge is $2,400 for a room that will accommodate up to 1,700 people the charge for one to hold more than 1,700 people is $2,900 4 A fixed amount was designated for printing, decorations, the speaker's gift, and publicity SOLOMON MANAGEMENT ASSOCIATION Public Relations Luncheon Budget April Year 2 Operating funds allocated Expenses Variable costs Meals (1,540 x $13 20) Postage (3,700 x 0 72) Fixed costs Facility Printing Decorations Speaker's gift Publicity Total expenses Budget surplus (deficit) $28,472 20,328 2,664 2,400 1,090 980 270 740 28,472 0 Actual results for the luncheon follow SOLOMON MANAGEMENT ASSOCIATION Actual Results for Public Relations Luncheon April Year 2 Operating funds allocated Expenses Variable costs Meals (1,760 x $13 90) Postage (4,700 0 72) Fixed costs Facility Printing Decorations Speaker's gift Publicity Total expenses Budget deficit $28,472 24,464 3,384 2,900 1,090 980 270 740 33,828 $(5,356) Reasons for the differences between the budgeted and actual data follow 1 The president of the organization, Rodney Snow, Increased the Invitation list to include 1,000 former members As a result, 4,700 invitations were mailed 2 Attendance was 1,760 individuals Because of higher than expected attendance, the luncheon was moved to a larger room, thereby Increasing the facility charge to$2,900 3 At the last minute, Ms Hubbard decided to add a dessert to the menu, which increased the meal cost to $13 9 per person 4 Printing, decorations, the speaker's gift, and publicity costs were as budgeted Required a Prepare a flexible budget and compute the sales and variable cost volume variances based on a comparison between the master budget and the flexible budget b Compute flexible budget variances by comparing the flexible budget with the actual results Complete this question by entering your answers in the tabs below Required A Required B Prepare a flexible budget and compute the sales and variable cost volume variances based on a comparison between the master budget and the flexible budget (Indicate the effect of each variance by selecting F for favorable, U for unfavorable, and None for no effect (i e , zero variance) ) Master Budget Flexible Budget Allocated funds $ 28,472 Expenses Variable expenses Meals 20,328 Postage 2,664 Fixed expenses Facility 2,400 Printing 1,090 Decorations 980 Speaker's gift 270 Publicity 740 Total expenses 28,472 Surplus(deficit) $ 0 Volume Variance Required A Required B ", "question_description": "\"image\"image", "transcribed_text": "The Solomon Management Association held its annual public relations luncheon in April Year 2. Based on the previous year's results. the organization allocated $28.472 of its operating budget to cover the cost of the luncheon. To ensure that costs would be appropriately controlled, Molly Hubbard, the treasurer, prepared the following budget for the Year 2 luncheon. The budget for the luncheon was based on the following expectations: 1. The meal cost per person was expected to be $13.20. The cost driver for meals was attendance, which was expected to be 1.540 Individuals. 2. Postage was based on $0.72 per invitation and 3,700 invitations were expected to be mailed. The cost driver for postage was number of invitations mailed. 3. The facility charge is $2,400 for a room that will accommodate up to 1,700 people; the charge for one to hold more than 1,700 people is $2,900. 4. A fixed amount was designated for printing, decorations, the speaker's gift, and publicity. SOLOMON MANAGEMENT ASSOCIATION Public Relations Luncheon Budget April Year 2 Operating funds allocated Expenses Variable costs Meals (1,540 x $13.20) Postage (3,700 x 0.72) Fixed costs Facility Printing Decorations Speaker's gift Publicity Total expenses Budget surplus (deficit) $28,472 20,328 2,664 2,400 1,090 980 270 740 28,472 0 Actual results for the luncheon follow. SOLOMON MANAGEMENT ASSOCIATION Actual Results for Public Relations Luncheon - April Year 2 Operating funds allocated Expenses Variable costs Meals (1,760 x $13.90) Postage (4,700 0.72) Fixed costs Facility Printing Decorations Speaker's gift Publicity Total expenses Budget deficit $28,472 24,464 3,384 2,900 1,090 980 270 740 33,828 $(5,356) Reasons for the differences between the budgeted and actual data follow. 1. The president of the organization, Rodney Snow, Increased the Invitation list to include 1,000 former members. As a result, 4,700 invitations were mailed. 2. Attendance was 1,760 individuals. Because of higher-than-expected attendance, the luncheon was moved to a larger room, thereby Increasing the facility charge to$2,900 3. At the last minute, Ms. Hubbard decided to add a dessert to the menu, which increased the meal cost to $13.9 per person.. 4. Printing, decorations, the speaker's gift, and publicity costs were as budgeted. Required: a. Prepare a flexible budget and compute the sales and variable cost volume variances based on a comparison between the master budget and the flexible budget. b. Compute flexible budget variances by comparing the flexible budget with the actual results. Complete this question by entering your answers in the tabs below. Required A Required B Prepare a flexible budget and compute the sales and variable cost volume variances based on a comparison between the master budget and the flexible budget. (Indicate the effect of each variance by selecting \"F\" for favorable, \"U\" for unfavorable, and \"None\" for no effect (i.e., zero variance).) Master Budget Flexible Budget Allocated funds $ 28,472 Expenses Variable expenses Meals 20,328 Postage 2,664 Fixed expenses Facility 2,400 Printing 1,090 Decorations 980 Speaker's gift 270 Publicity 740 Total expenses 28,472 Surplus(deficit) $ 0 Volume Variance Required A Required B >", "related_book": { "title": "Construction accounting and financial management", "isbn": "135017114, 978-0135017111", "edition": "2nd Edition", "authors": "Steven j. Peterson", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/246.jpg", "uri": "\/textbooks\/construction-accounting-and-financial-management-2nd-edition-246", "see_more_uri": "" }, "free_related_book": { "isbn": "B09YVT5CXD", "uri": "\/textbooks\/startup-linkedin-how-to-build-a-smarter-linkedin-network-1st-edition-979-8811233267-260202", "name": "Startup Linkedin How To Build A Smarter Linkedin Network", "edition": "1st Edition" }, "question_posted": "2024-05-22 06:03:57", "see_more_questions_link": "\/study-help\/questions\/business-marketing-2022-June-08", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/are-the-marks-one-receives-in-a-course-related-to", "description": "Are the marks one receives in a course related to the amount of time spent studying the subject? To analyze this mysterious possibility, a student took a random sample of 10 students who had enrolled...", "stars": 3 }, { "url": "\/in-section-1910b-we-saw-that-pyridine-undergoes-electrophilic-aromatic", "description": "In Section 19-10B, we saw that pyridine undergoes electrophilic aromatic substitution reluctantly, requiring strong conditions and giving disappointing yields. In contrast, pyridine N-oxide undergoes...", "stars": 3 }, { "url": "\/study-help\/federal-taxation\/lo2-bob-owns-a-farming-sole-proprietorship-during-the-year-1921434", "description": "LO.2 Bob owns a farming sole proprietorship. During the year, Bob sold a milk cow that he had owned for 15 months and a workhorse that he had owned for 66 months. The cow had an adjusted basis of...", "stars": 3 }, { "url": "\/study-help\/psychology\/be-prepared-to-discuss-your-skills-and-experience-including-limitations-1980757", "description": "Be prepared to discuss your skills and experience, including limitations\/ weaknesses.", "stars": 3 }, { "url": "\/studio-photography-inc-works-weddings-and-promtype-parties-the-balance", "description": "Studio Photography, Inc., works weddings and prom-type parties. The balance of retained earnings was $16,000 at December 31, 2011. At December 31, 2012, the businesss accounting records show these...", "stars": 3 }, { "url": "\/study-help\/questions\/question-3-what-is-another-name-for-a-configuration-file-9816235", "description": "Question 3 What is another name for a configuration file? Select all that apply. 1 point Cabinet Playbook Manifest Folder", "stars": 3 }, { "url": "\/study-help\/questions\/current-attempt-in-progress-myers-company-uses-a-flexible-budget-9139488", "description": "Current Attempt in Progress Myers Company uses a flexible budget for manufacturing overhead based on direct labor hours. Variable manufacturing overhead costs per direct labor hour are as follows:...", "stars": 3 }, { "url": "\/study-help\/questions\/811-3-4-5-xvfx-a-b-c-d-e-1010489", "description": "811 3 4 5 XVfx A B C D E G MCO Leather manufactures leather purses. Each purse requires 2 pounds of direct materials at a cost of $4 per pound and 0.8 direct labor hours at a rate of $16 per hour....", "stars": 3 }, { "url": "\/study-help\/questions\/the-skills-model-of-leadership-outlines-three-skills-needed-1010279", "description": ". The Skills Model of leadership outlines three \"skills\" needed for top management, middle management and supervisory management. Describe the three skills and explain when they are needed in the...", "stars": 3 }, { "url": "\/study-help\/questions\/5-consider-the-language-l-using-the-alphabet-a-1011889", "description": "5. Consider the language, L, using the alphabet A = {a, , y} defined by: a word w is in L if and only if the number of a's times the number of 's equals the number of y's. So yaay is in L but ayayy...", "stars": 3 }, { "url": "\/study-help\/questions\/kohler-corporation-reports-the-following-components-of-stockholders-equity-at-1002147", "description": "Kohler Corporation reports the following components of stockholders' equity at December 31 of the prior year. Common stock-$20 par value, 100,000 shares authorized, 50,000 shares issued and...", "stars": 3 }, { "url": "\/study-help\/questions\/assessment-instructions-1-answer-the-following-four-questions-i-what-1008576", "description": "Assessment Instructions 1. Answer the following four questions: i. What are your career goals? ii. What are you really good at professionally? iii. What are you not good at or not interested in doing...", "stars": 3 }, { "url": "\/study-help\/questions\/write-the-6-bit-2-s-complement-representation-8656214", "description": "Write the 6 - bit 2 ' s complement representation of 3 2", "stars": 3 }, { "url": "\/a-test-car-is-driven-a-fixed-distance-of-n", "description": "A test car is driven a fixed distance of n miles along a straight highway. (Here n Z+.) The car travels at one mile per hour for the first mile, two miles per hour for the second mile, four miles...", "stars": 3.5 }, { "url": "\/study-help\/accounting-for-business-\/why-does-the-dividend-yield-formula-divide-the-dividends-amount-1756180", "description": "Why does the dividend yield formula divide the dividends amount by (1-t) where t is the corporate tax rate?", "stars": 3.5 }, { "url": "\/study-help\/accounting-for-business-\/a-classification-of-ratios-that-you-may-encounter-is-solvency-1756179", "description": "A classification of ratios that you may encounter is 'solvency'. Where would solvency ratios fit in with the classification system used in this textbook? Which term would be preferred by companies...", "stars": 3 }, { "url": "\/study-help\/accounting-for-business-\/describe-calculation-of-an-efficiency-measur-for-learning-accounting-the-1756189", "description": "Describe calculation of an efficiency measur for learning accounting. The current and quick (acid test) ratios are both measures of what?", "stars": 3 } ], "next_back_navigation": { "previous": "\/study-help\/questions\/net-operating-losses-lo-49-tyler-a-single-taxpayer-generates-1496528", "next": "\/study-help\/questions\/fujita-incorporated-has-no-debt-outstanding-and-a-total-market-1496530" }, "breadcrumbs": [ { "name": "Study help", "link": "https:\/\/www.solutioninn.com\/study-help\/questions-and-answers" }, { "name": "Business", "link": "https:\/\/www.solutioninn.com\/study-help\/questions-and-answers\/business" }, { "name": "Accounting", "link": "https:\/\/www.solutioninn.com\/study-help\/questions\/business-accounting" }, { "name": " The Solomon Management Association held its annual public relations luncheon in", "link": "https:\/\/www.solutioninn.com\/study-help\/questions\/the-solomon-management-association-held-its-annual-public-relations-luncheon-1496529" } ], "skill_details": { "skill_id": "9", "skill_name": "Accounting", "parent_id": "1" } }t_id": "1" } }