Harrald’s Fish House is a family-owned restaurant that specializes in Scandinavian-style seafood. Data concerning the restaurant’s...
Harrald’s Fish House is a family-owned restaurant that specializes in Scandinavian-style seafood. Data concerning
the restaurant’s monthly revenues and costs appear below (q refers to the number of meals served):
Formula
Revenue .............................................. $16.50q
Cost of ingredients .............................. $6.25q
Wages and salaries ............................ $10,400
Utilities ................................................ $800 + $0.20q
Rent .................................................... $2,200
Miscellaneous ..................................... $600 + $0.80q
Required:
1. Prepare the restaurant’s planning budget for April assuming that 1,800 meals are served, what is the net operating income?
2. Assume that 1,700 meals were actually served in April. Prepare a flexible budget for this level of activity, what is the net operating income, is it 2000. True or False?
The actual results for April appear below
Revenue ...................................................... $27,920
Cost of ingredients ....................................... $11,110
Wages and salaries ..................................... $10,130
Utilities ......................................................... $1,080
Rent ............................................................. $2,200
Miscellaneous .............................................. $2,240
3. What is the activity variances for net operating income?
4. What is the revenue and spending variances for net operating income?
5. Is the revenue and spending variances for net operating income Favorable. True or False?
Homework Answers
| 1.) | ||||||
| Meals | 1800 | |||||
| Per meal | Fixed | Total | ||||
| Revenue | $16.50 | $0.00 | $29,700.00 | |||
| Less:- | ||||||
| Cost of ingredients | $6.25 | $0.00 | $11,250.00 | |||
| Wages and Salaries | $0.00 | $10,400.00 | $10,400.00 | |||
| Utilities | $0.20 | $800.00 | $1,160.00 | |||
| Rent | $0.00 | $2,200.00 | $2,200.00 | |||
| Miscellaneous | $0.80 | $600.00 | $2,040.00 | |||
| Net Operating Income | $2,650.00 | |||||
| 2.) | ||||||
| Meals | 1700 | |||||
| Per meal | Fixed | Total | ||||
| Revenue | $16.50 | $0.00 | $28,050.00 | |||
| Less:- | ||||||
| Cost of ingredients | $6.25 | $0.00 | $10,625.00 | |||
| Wages and Salaries | $0.00 | $10,400.00 | $10,400.00 | |||
| Utilities | $0.20 | $800.00 | $1,140.00 | |||
| Rent | $0.00 | $2,200.00 | $2,200.00 | |||
| Miscellaneous | $0.80 | $600.00 | $1,960.00 | |||
| Net Operating Income | $1,725.00 | |||||
| It is False Operating Incoem is not $2000 it is $1725 | ||||||
| 3.) | ||||||
| Activity Variances | ||||||
| Meals | 1700 | |||||
| Per meal | Fixed | Budgeted | Actual | Variance | ||
| Revenue | $16.50 | $0.00 | $28,050.00 | $27,920.00 | -$130.00 | |
| Less:- | ||||||
| Cost of ingredients | $6.25 | $0.00 | $10,625.00 | $11,110.00 | -$485.00 | |
| Wages and Salaries | $0.00 | $10,400.00 | $10,400.00 | $10,130.00 | $270.00 | |
| Utilities | $0.20 | $800.00 | $1,140.00 | $1,080.00 | $60.00 | |
| Rent | $0.00 | $2,200.00 | $2,200.00 | $2,200.00 | $0.00 | |
| Miscellaneous | $0.80 | $600.00 | $1,960.00 | $2,240.00 | -$280.00 | |
| Net Operating Income | $1,725.00 | $1,160.00 | -$565.00 | |||
| 4.) | ||||||
| Revenue Variance | -$130.00 | UNFAVOURABLE | ||||
| SPENDING VARIANCE | -$435.00 | UNFAVOURABLE | ||||
| 5.) No both Revenue and soending variances are unfaourable for net Operating Income so the | ||||||
| statement is FALSE | ||||||
THANK YOU
HOPING FOR A POSITIVE RESPONSE
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Flight Café Planning Budget For the Month Ended July 31 Budgeted meals (9) 25,000 $95,000 Revenue ($3.809) Expenses : Raw materials ($1.809) Wages and salaries ($6,000 + $0.209) Utilities ($2,200 + $0.059) Facility rent ($3,500) Insurance ($2,200) Miscellaneous ($500 + $0.109) Total expense Net operating income 45,000 11,000 3,450 3,500 2,200 3,000 68,150 $26,850 In July,...
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