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Prepare a report showing the company’s activity variances for December.

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EXERCISE 9–2 Prepare a Report Showing Activity Variances [LO2] Air Meals is a company that… 1 answer below » EXERCISE 9–2 Prepare a Report Showing Activity Variances [LO2] Air Meals is a company that prepares in-flight meals for airlines in its kitchen located next to the local airport. The company’s planning budget for December appears below: View complete question » Budgeted meals ( q ) . . . . . . . . . . . . . . . . . . . . . . . .   . 20,000 Revenue ($3.80 q ) . . . . . . . . . . . . . . . . . . . . . . . . . . . . $76,000 Expenses: Raw materials ($2.30 q ) . . . . . . . . . . . . . . . . . EXERCISE 9–2 Prepare a Report Showing Activity Variances [LO2] Air Meals is a company that prepares in-flight meals for airlines in its kitchen located next to the local airport. The company’s planning budget for December appears below: Budgeted meals ( q ) . . . . . . . . . . . . . . . . . . . . . . . .   . 20,000 Revenue ($3.80 q ) . . . . . . . . . . . . . . . . . . . . . . . . . . . . $76,000 Expenses: Raw materials ($2.30 q ) . . . . . . . . . . . . . . . . . . . . . . 46,000 Wages and salaries ($6,400 + $0.25 q ). . . . . . . . . . 11,400 Utilities ($2,100 + $0.05 q ). . . . . . . . . . . . . . . . . . . . 3,100 Facility rent ($3,800) . . . . . . . . . . . . . . . . . . . . . . . . 3,800 Insurance ($2,600). . . . . . . . . . . . . . . . . . . . . . . . . . 2,600 Miscellaneous ($700 + $0.10 q ) . . . . . . . . . . . . . . . . 2,700 Total expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69,600 Net operating income . . . . . . . . . . . . . . . . . . . . . . . . . $ 6,400 In December, 21,000 meals were actually served. The company’s flexible budget for this level of activity is as follows: Required: 1.       Prepare a report showing the company’s activity variances for December. 2.       Which of the activity variances should be of concern to management? Explain. View less » Dec 07 2015 06:13 PM


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