Reference no: EM132203540

1. The Berne-Knox-Westerlo Consolidated School District (BNW) expected to have 600 students enrolled during the 2006 academic year, to be in session for 175 days and to receive $40 per day per student from the state. At the end of the school year, BNW found they had 580 students enrolled and were open for 175 days. As a result, they received $3,981,120 in total reimbursements from the state. Calculate the following variances for the state reimbursement program and indicate whether they were favorable (F) or unfavorable (U). Be sure to add up the flexible (partial) variances and check to make sure that sum equals the total variance.

a. BNW's total student-reimbursement variance for the fiscal year

b. the portion of the student-reimbursement variance that was due to volume

c. the portion of the student-reimbursement variance that was due to quantity

d. the portion of the student-reimbursement variance that was due to price

2. The Bourne Free Animal Shelter provides food and shelter for stray and abused dogs. The projected consumption of food is 3 pounds per day per dog. The clinic estimates the cost of the food will be $0.85 per pound. It has budgeted feeding an average of 90 dogs per day. This means that it expects to use 3 pounds of food per dog, per day on average. The clinic actually fed an average of 120 dogs per day. Each dog consumed 3.5 pounds of food and the average price per pound of food was $0.65. Indicate whether each of the variances is favorable (F) or unfavorable (U).

A. Bourne's total daily food-expense variance

B. the portion of the daily food-expense variance that was due to volume

C. the portion of the daily food-expense variance that was due to quantity

D. the portion of the daily food-expense variance that was due to cost

3. The State Department of Education offers demonstration grants that Charter Schools can use to develop curriculum. Each grant is for $100,000. Grants are paid to school districts as follows: 80% at the start of the academic year and 20% upon completion of a performance report. The New Academy of Sciences (NAS) which, an independent, non-profit organization received one of the grants. NAS expects to complete the performance report by the middle of its next fiscal year. How would NAS record the State grant revenue on September 30, the last day of their current fiscal year?