FLEXIBLE BUDGET QUESTION
Libby's House of Liver is a restaurant that serves specialty liver products, its unique liver creations.
Restaurant Information is as follows for the current month of the current year: All variable items are based on the number of meals served.
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Revenue
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$22 x meals served
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Cost of food
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$12 x meals served
|
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Wages/Salaries
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$8,000 + $1 x meals served
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Utilities
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$400 + $0.80 x meals served
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Maintenance
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$2,400 + $1.25 x meals served
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Miscellaneous Exp
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$700 + $1.50 x meals served
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Rent
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$3,000
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Advertising
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$420
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The budget was prepared, assuming 3000 meals would be served. In reality, 2750 meals were served.
Required: Complete the Flexible Budget Performance Report in good form. Use whole #s. The report heading needs to be completed, but column headings are provided. Indicate F or U as needed. The report does not have to be completed in Excel.
Attachment:- Assignment.rar