Please do not give solution in image format thanku 279.Pinion Memorial Diner is a charity supported by donations that provides free mealsto the homeless. The diner's budget for August was based on 2,700 meals. Thediner's director has provided the following cost formulas to use in budgets:GroceriesKitchen operationsAdministrative expenses......Fundraising expenses.............ܗ ܐ ܕ ܓ ܪ ܫ ܕ ܝ ܐ ܛ ܘ ܝ ܘ ܘ ܐActual meals.Pinion Memorial DinerStatement of ExpensesFor the Month Ended August 31Groceries.Kitchen operationsThe director has also provided the diner's statement of actual expenses for themonth:Fixedelementper month$0$4,700$3,400$1,800Administrative expenses......Fundraising expenses............Total expenseRequired:2,200$6,5308,470Variableelement4,3201.770$21.090per meal$3.10$1.55$0.40$0.00Prepare a report showing the spending variances for each of the expenses and fortotal expenses for August. Label each variance as favorable (F) or unfavorable (U).

Revenue and spending variance is the difference between flexible budget and the actual results of a…

Pinion Memorial Diner is a charity supported by to the homeless. The diner's budget for August diner's director has provided the following cost f Groceries... Kitchen operations Administrative expenses...... Fundraising expenses....... The director has also provided the diner's stater month: Pinion Memorial Diner Statement of Expenses For the Month Ended August 31 Actual meals....... **********PAS Groceries .... Kitchen operations Administrative expenses. Fundraising expenses. Total expense....s Required: e w Fixed Van element ele per month per $0 $4,700 $3,400 $1,800 FELLES ******erify 2,200 $6,530 8,470 4,320 1.770 $21.090 Prepare a report showing the spending varian- total expenses for August. Label each varianc

Pinion Memorial Diner is a charity supported by to the homeless. The diner's budget for August diner's director has provided the following cost f Groceries... Kitchen operations Administrative expenses...... Fundraising expenses....... The director has also provided the diner's stater month: Pinion Memorial Diner Statement of Expenses For the Month Ended August 31 Actual meals....... ****PAS Groceries .... Kitchen operations Administrative expenses. Fundraising expenses. Total expense....s Required: e w Fixed Van element ele per month per $0 $4,700 $3,400 $1,800 FELLES erify 2,200 $6,530 8,470 4,320 1.770 $21.090 Prepare a report showing the spending varian- total expenses for August. Label each varianc

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Maria's Food Service provides meals that nonprofit organizations distribute to handicapped and elderly people. The following is her forecasted income statement for April, when she expects to produce and sell 2,200 meals: Amount Per Unit Sales revenue $ 11,440 $ 5.20 Costs of meals produced 9,020 4.10 Gross profit $ 2,420 $ 1.10 Administrative costs 1,100 0.50 Operating profit $ 1,320 $ 0.60 Fixed costs included in this income statement are $3,124 for meal production and $440 for administrative costs. Maria has received a special request from an organization sponsoring a picnic to raise funds for the Special Olympics. This organization is willing to pay $3.10 per meal for 300 meals on April 10. Maria has sufficient idle capacity to fill this special order. These meals will incur all of the variable costs of meals produced, but variable administrative costs and total fixed costs will not be affected. Required: a. What…
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