Download the Applying Excel form and enter formulas inall cells that contain question marks.
For example, in cell B30 enter the formula "=B19".
Notes:
In the text, variances are always displayed as positive numbers.To accomplish this, you can use the ABS() function in Excel. Forexample, the formula in cell C31 would be "=ABS(E31âB31)".
Cells D31 through D39 and G31 through G39 already containformulas to compute and display whether variances are Favorable orUnfavorable. Do not enter data or formulas into those cellsâif youdo, you will overwrite these formulas.
After entering formulas in all of the cells that containedquestion marks, verify that the amounts match the numbers in theexample in the text.
Check your worksheet by changing the revenue in cell D4 to$16.00; the cost of ingredients in cell D5 to $6.50; and the wagesand salaries in cell B6 to $10,000. The activity variance for netoperating income should now be $850 U and the spending variance fortotal expenses should be $410 U. If you do not get these answers,find the errors in your worksheet and correct them.
Save your completed Applying Excel form to your computerand then upload it here by clicking âBrowse.â Next, click âSave.âYou will use this worksheet to answer the questions in Part2.
PLEASE SHOW YOUR FORMULAS
Data Revenue $16.50 q Cost of ingredients $6.25 q Wages and salaries $10,400 Utilities $800 + $0.20 q Rent $2,200 Miscellaneous $600 + $0.80 q Actual results: Revenue $27,920 Cost of ingredients $11,110 Wages and salaries $10,130 Utilities $1,080 Rent $2,200 Miscellaneous $2,240 Planning budget activity 1,800 meals served Actual activity 1,700 meals served Enter a formula into each ofthe cells marked with a ? below Review Problem: VarianceAnalysis Using a Flexible Budget Construct a flexible budgetperformance report Revenue and Planning Activity Flexible Spending Actual Budget Variances Budget Variances Results Meals served ? ? ? Revenue ? ? ? ? ? Expenses: Cost of ingredients ? ? ? ? ? Wages and salaries ? ? ? ? ? Utilities ? ? ? ? ? Rent ? ? ? ? ? Miscellaneous ? ? ? ? ? Total expenses ? ? ? ? ? Net operating income ? ? ? ? ?
Download the Applying Excel form and enter formulas inall cells that contain question marks.
For example, in cell B30 enter the formula "=B19".
Notes:
In the text, variances are always displayed as positive numbers.To accomplish this, you can use the ABS() function in Excel. Forexample, the formula in cell C31 would be "=ABS(E31âB31)".
Cells D31 through D39 and G31 through G39 already containformulas to compute and display whether variances are Favorable orUnfavorable. Do not enter data or formulas into those cellsâif youdo, you will overwrite these formulas.
After entering formulas in all of the cells that containedquestion marks, verify that the amounts match the numbers in theexample in the text.
Check your worksheet by changing the revenue in cell D4 to$16.00; the cost of ingredients in cell D5 to $6.50; and the wagesand salaries in cell B6 to $10,000. The activity variance for netoperating income should now be $850 U and the spending variance fortotal expenses should be $410 U. If you do not get these answers,find the errors in your worksheet and correct them.
Save your completed Applying Excel form to your computerand then upload it here by clicking âBrowse.â Next, click âSave.âYou will use this worksheet to answer the questions in Part2.
PLEASE SHOW YOUR FORMULAS
Data | |||||||
Revenue | $16.50 | q | |||||
Cost of ingredients | $6.25 | q | |||||
Wages and salaries | $10,400 | ||||||
Utilities | $800 | + | $0.20 | q | |||
Rent | $2,200 | ||||||
Miscellaneous | $600 | + | $0.80 | q | |||
Actual results: | |||||||
Revenue | $27,920 | ||||||
Cost of ingredients | $11,110 | ||||||
Wages and salaries | $10,130 | ||||||
Utilities | $1,080 | ||||||
Rent | $2,200 | ||||||
Miscellaneous | $2,240 | ||||||
Planning budget activity | 1,800 | meals served | |||||
Actual activity | 1,700 | meals served | |||||
Enter a formula into each ofthe cells marked with a ? below | |||||||
Review Problem: VarianceAnalysis Using a Flexible Budget | |||||||
Construct a flexible budgetperformance report | |||||||
Revenue | |||||||
and | |||||||
Planning | Activity | Flexible | Spending | Actual | |||
Budget | Variances | Budget | Variances | Results | |||
Meals served | ? | ? | ? | ||||
Revenue | ? | ? | ? | ? | ? | ||
Expenses: | |||||||
Cost of ingredients | ? | ? | ? | ? | ? | ||
Wages and salaries | ? | ? | ? | ? | ? | ||
Utilities | ? | ? | ? | ? | ? | ||
Rent | ? | ? | ? | ? | ? | ||
Miscellaneous | ? | ? | ? | ? | ? | ||
Total expenses | ? | ? | ? | ? | ? | ||
Net operating income | ? | ? | ? | ? | ? |