The City Symphony Orchestra presents a series of concerts throughout the year. Budgeted fixed costs total $301,000 for the concert season; variable costs are expected to average $6.00 per patron. The orchestra uses flexible budgeting.
Required:
- Prepare a flexible budget that shows the expected costs of 8,200, 8,700, and 9,200 patrons.
- Construct the orchestra's flexible budget formula.
- Assume that 8,300 patrons attended concerts during the year just ended, and actual costs were: variable, $40,000; fixed, $311,500. Evaluate the orchestra's financial performance by computing variances for variable costs and fixed costs.
Homework Answers
1) Calculate total Cost
| 8200 | 8700 | 9200 | |
| Variable cost | 8200*6 = 49200 | 8700*6 = 52200 | 9200*6 = 55200 |
| Fixed cost | 301000 | 301000 | 301000 |
| Total Cost | 350200 | 353200 | 356200 |
2) Formula =
Total budgeted cost = Number of partrons*6+301000
3) Variance
| Budget | Actual | Variable | |
| Variable cost | 8300*6 = 49800 | 40000 | 9800 F |
| Fixed cost | 301000 | 311500 | 10500 U |
| Total Cost | 350800 | 351500 | 700 U |
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