Answer with detailed working please As the bakery manager at the local grocery store, Donald monitored the mix of products most popular with consumers.Just two years earlier, this store sold eight loaves of bread for each package of buns sold. Today, the ratio is closer to sixto one, bread to buns. Donald isn't sure why tastes or buying behavior have changed, but it's significant, so hispurchasing behavior has changed accordingly.For the year just ended, the bakery department budgeted for sales of 10,200 loaves of bread and 1,800 packages ofbuns. Actual sales were 9,900 loaves of bread and 1,100 packages of buns. Budgeted selling price and variable cost perunit for each were as follows.BreadBunsBudgeted selling price$2.00$2.80Budgeted variable cost0.601.00Budgeted contribution margin$1.40$1.80This year, the bread actually sold for $2.07 per loaf, while the package of buns sold for $2.92.(a1)(b1)Determine the sales mix and sales quantity variances for the bakery this period, specifying the amount and sign foreach. (Round answers to 2 decimal places, e.g. 15.25.)Sales mix variance$Sales quantity variance$

Sales mix variance and quantity variance are part of the sales volume variance. Sales mix variance…

(b1) Determine the sales mix and sales quantity variances for the bakery this period, specifying the amount and sign for each. (Round answers to 2 decimal places, e.g. 15.25.) Sales mix variance $ Sales quantity variance $

(b1) Determine the sales mix and sales quantity variances for the bakery this period, specifying the amount and sign for each. (Round answers to 2 decimal places, e.g. 15.25.) Sales mix variance $ Sales quantity variance $

Essentials of Business Analytics (MindTap Course List)

2nd Edition

ISBN:9781305627734

Author:Jeffrey D. Camm, James J. Cochran, Michael J. Fry, Jeffrey W. Ohlmann, David R. Anderson

Publisher:Jeffrey D. Camm, James J. Cochran, Michael J. Fry, Jeffrey W. Ohlmann, David R. Anderson

Chapter8: Time Series Analysis And_forecasting

Section: Chapter Questions

Problem 27P: Hogs & Dawgs is an ice cream parlor on the border of north-central Louisiana and southern Arkansas...

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As the bakery manager at the local grocery store, William monitored the mix of products most popular with consumers. Just two years earlier, this store sold eight loaves of bread for each package of buns sold. Today, the ratio is closer to six to one, bread to buns. William isn't sure why tastes or buying behavior have changed, but it's significant, so his purchasing behavior has changed accordingly. For the year just ended, the bakery department budgeted for sales of 9,460 loaves of bread and 1,540 packages of buns. Actual sales were 8,900 loaves of bread and 1,100 packages of buns. Budgeted selling price and variable cost per unit for each were as follows. Bread Budgeted selling price Budgeted variable cost 0.60 Budgeted contribution margin $1.40 (a1) $2.00 Your answer is partially correct. Sales price variance $ Buns $2.80 This year, the bread actually sold for $2.07 per loaf, while the package of buns sold for $2.91. 1.00 $1.80 Determine the bakery's sales price variance this year,…
Sanjana's Sweet Shoppe operates on the boardwalk of a New England coastal town. The store only opens for the summer seaso the business is heavily dependent on the weather and the economy in addition to new competition. Sanjana Sweet, the owner, prepares a budget each year after reading long-term weather forecasts and estimates of summer tourism. The budget is a first ste planning whether she will need any loans and whether she needs to consider adjustments to store staffing. Based on expertise ar experience, she develops the following. Scenario Good Fair Poor Gross Margin per Customer (Price Cost of Poor Fair Good Poor Fair Good Poor Fair Good Sanjana assumes, for simplicity, that the gross margin and the estimated number of customers are independent. Thus, she has nine possible scenarios. In addition to the cost of the products sold, Sanjana estimates staffing costs to be $31,000 plus $2 for every customer in excess of 26,000. The marketing and administrative costs are estimated to be…
Sanjana’s Sweet Shoppe operates on the boardwalk of a New England coastal town. The store only opens for the summer season and the business is heavily dependent on the weather and the economy in addition to new competition. Sanjana Sweet, the owner, prepares a budget each year after reading long-term weather forecasts and estimates of summer tourism. The budget is a first step in planning whether she will need any loans and whether she needs to consider adjustments to store staffing. Based on expertise and experience, she develops the following. Gross Margin per Customer Scenario (Price – Cost of Goods) Number of Customers Good $5 30,000 Fair 4 20,000 Poor 2 15,000 Sanjana assumes, for simplicity, that the gross margin and the estimated number of customers are independent. Thus, she has nine possible scenarios. In addition to the cost of the products sold, Sanjana estimates staffing costs to be $25,000 plus $2 for every customer in excess of…
Sanjana’s Sweet Shoppe operates on the boardwalk of a New England coastal town. The store only opens for the summer season and the business is heavily dependent on the weather and the economy in addition to new competition. Sanjana Sweet, the owner, prepares a budget each year after reading long-term weather forecasts and estimates of summer tourism. The budget is a first step in planning whether she will need any loans and whether she needs to consider adjustments to store staffing. Based on expertise and experience, she develops the following. Gross Margin per Customer Scenario (Price – Cost of Goods) Number of Customers Good $6.7 47,000 Fair 5.7 37,000 Poor 1.9 32,000 Sanjana assumes, for simplicity, that the gross margin and the estimated number of customers are independent. Thus, she has nine possible scenarios. In addition to the cost of the products sold, Sanjana estimates staffing costs to be $47,000 plus $2 for every customer in excess of…
Hogs & Dawgs is an ice cream parlor on the border of north-central Louisiana and southern Arkansas that serves 43 flavors of ice creams, sherbets, frozen yogurts, and sorbets. During the summer Hogs & Dawgs is open from 1:00 p.m. to 10:00 p.m. on Monday through Saturday, and the owner believes that sales change systematically from hour to hour throughout the day. She also believes her sales increase as the outdoor temperature increases. Hourly sales and the outside temperature at the start of each hour for the last week are provided in the file IceCreamSales. Construct a time series plot of hourly sales and a scatter plot of outdoor temperature and hourly sales. What types of relationships exist in the data? Use a simple regression model with outside temperature as the causal variable to develop an equation to account for the relationship between outside temperature and hourly sales in the data. Based on this model, compute an estimate of hourly sales for today from 2:00 p.m. to 3:00 p.m. if the temperature at 2:00 p.m. is 93°F. Use a multiple linear regression model with the causal variable outside temperature and dummy variables as follows to develop an equation to account for both seasonal effects and the relationship between outside temperature and hourly sales in the data in the data: Hour1 = 1 if the sales were recorded between 1:00 p.m. and 2:00 p.m., 0 otherwise; Hour2 = 1 if the sales were recorded between 2:00 p.m. and 3:00 p.m., 0 otherwise; Hour8 = 1 if the sales were recorded between 8:00 p.m. and 9:00 p.m., 0 otherwise. Note that when the values of the 8 dummy variables are equal to 0, the observation corresponds to the 9:00-to-l0:00-p.m. hour. Based on this model, compute an estimate of hourly sales for today from 2:00 p.m. to 3:00 p.m. if the temperature at 2:00 p.m. is 93°F. Is the model you developed in part (b) or the model you developed in part (c) more effective? Justify your answer.
Kim Epson operates a full-service car wash, which operates from 8 A.M. to 8 P.M. seven days a week. The car wash has two stations: an automatic washing and drying station that can handle 30 cars per hour and an interior cleaning station that can handle 210 cars per day. Based on a recent year-end review of operations, Kim estimates that future demand for the interior cleaning station for the seven days of the week, expressed in the average number of cars per day, would be as follows: Q i Kim should Day Cars should not Mon. 160 Tues. 180 Wed. 150 Thurs. 140 Fri. 260 By installing additional equipment (at a cost of $90,000) Kim can increase the capacity of the interior cleaning to 300 cars per day. Each car wash generates a pretax contribution of $5.00. Should Kim install the additional equipment if she expects a pretax payback period of three years or less? install the additional equipment because the payback period is years. (Enter your response rounded to two decimal places.) Sat. 270…
Charles Lackey operates a bakery in Idaho Falls, Idaho. Because of its excellent product and excellent location, demand has increased by 55% in the last year. On far too many occasions, customers have not been able to purchase the bread of their choice. Because of the size of the store, no new ovens can be added. At a staff meeting, one employee suggested ways to load the ovens differently so that more loaves of bread can be baked at one time. This new process will require that the ovens be loaded by hand, requiring additional manpower. This is the only production change that will be made in order to meet the increased demand. The bakery currently makes 1,500 loaves per month. Employees are paid $8 per hour. In addition to the labor cost, Charles also has a constant utility cost per month of $550 and a per loaf ingredient cost of $0.35. Current multifactor productivity for 640 work hours per month= loaves/dollar (round your response to three decimal places).
The executives at Stark Inc., a plumbing supply manufacturer, recently reviewed production capacity for the upcoming year and set production budgets. Based on the number of units that they expected to produce, they budgeted sales and set sales targets for each of their retail locations. They did not ask for the input of the individual store managers as they believed that they had sufficient information and they wanted to ensure that the store targets were not easily attainable. When the actual sales numbers started to come in, they were much lower than the budget. In investigating the variance, the company found that one location had a new competitor that had just opened down the street, and another had significant road construction that impeded the traffic flow and cut down on customers. There were also some new products on the market that were cutting into the company’s market share. Because of the missed sales budget, the company had overproduced, resulting in excess inventory.…
Charles Lackey operates a bakery in Idaho Falls, Idaho. Because of its excellent product and excellent location, demand has increased by 25% in the last year. On far too many occasions, customers have not been able to purchase the bread of their choice. Because of the size of the store, no new ovens can be added. At a staff meeting, one employee suggested ways to load the ovens differently so that more loaves of bread can be baked at one time. This new process will require that the ovens be loaded by hand, requiring additional manpower. This is the only thing to be changed. (Productivity remains the same.) (Hint: Each worker works 160 hours per month.) If the bakery currently makes 1,500 loaves per month with a labor productivity of 2.344 loaves per labor hour, then Lackey will need to add __ worker(s) to meet the increased demand (recall that each worker works 160 hours per month and round your response up to the next whole number).
Curley Maple has produced handcrafted tables for wholesale in his woodworking shop for the past year. He worked 6 days a week, 10 hour per day for 49 weeks of the year, leaving 3 weeks for holidays, vacation, and sick days. Curley has used up his savings over the past year, and now he needs to begin to draw an income from the business. Worried he is not pricing his tables correctly, curley decided to analyze the detailed records of his time and expenses that he has kept for the past year. Complete the chart:
Your friend, Catherine Ross, owns Knockoffs Unlimited, a nationwide distributor of low-cost imitation designer necklaces. She has contacted you for some assistance because the accounting clerk, George Forrest, recently won a sum of money and decided to resign immediately. Catherine knows that you are completing an accounting course at Cape Breton University and hopes you can prepare the cash budget for the upcoming quarter (April, May and June, 2021). Catherine has provided you with the budgets completed by George. She has also provided you with additional information that will assist with the completion of the cash budget. Completed Budgets (April, May, June, and Quarter Total, 2021) please find the required numerical information from the images attached REQUIRED: Prepare a cash budget . Show the budget by month and in total. What will be reported on the budgeted balance sheet at June 30, 2021 for accounts receivable? Supporting calculations required to earn available…
Kim Epson operates a full-service car wash, which operates from 8AM to 8 PM seven days a week. The car wash has two stations an automatic washing and drying station that can handle 30 cars per hour and an interior cleaning station that can handle 210 cars per day Based on a recent year-end Neview of operations, Kim estimates that future demand for the interior cleaning station for the seven days of the week, expressed in the average number of cars per day, would be as follows Day Cars Kim Mon 160 Tues 180 Wed 150 Thurs 140 Fri 270 Sat 250 fly instaling additional equipment (at a cost of $30,000) Kim can increase the capacity of the interior cleaning to 300 cars per day Each car wash generates a protax contribution of $1.00 Should Kim install the additional equipment if she expects a pretax payback penod of three years or less? install the additional equipment because the payback period is Sun 250 years (Enter your response rounded to be decimal places)