Reference no: EM132224278
Question - Boyne University offers an extensive continuing education program in many cities throughout the state. For the convenience of its faculty and administrative staff and to save costs, the university operates a motor pool. The motor pool's monthly planning budget is based on operating 20 vehicles; however, for the month of March the university purchased one additional vehicle. The motor pool furnishes gasoline, oil, and other supplies for its automobiles. A mechanic does routine maintenance and minor repairs. Major repairs are performed at a nearby commercial garage.
The following cost control report shows actual operating costs for March of the current year compared to the planning budget for March.
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Boyne University Motor Pool Cost Control Report For the Month Ended March 31
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March Actual
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Planning Budget
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(Over) Under Budget
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Miles
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63,000
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50,000
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Autos
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21
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20
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Gasoline
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$9,350
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$7,500
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$(1,850)
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Oil, minor repairs, parts
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2,360
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2,000
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(360)
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Outside repairs
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1,420
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1,500
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80
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Insurance
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2,120
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2,000
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(120)
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Salaries and benefits
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7,540
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7,540
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0
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Vehicle depreciation
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5,250
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5,000
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(250)
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Total
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$28,040
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$25,540
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$(2,500)
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The planning budget was based in the following assumptions:
a. $0.15 per mile for gasoline.
b. $0.04 per mile for oil, minor repairs, and parts.
c. $75 per automobile per month for outside repairs.
d. $100 per automobile per month for insurance.
e. $7,540 per month for salaries and benefits.
f. $250 per automobile per month for depreciation.
The supervisor of the motor pool is unhappy with the report, claiming it paints an unfair picture of the motor pool's performance.
Required: Calculate the spending variances for March.
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