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Find the budget variance

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Subway at the Student Union projected 3,000 lunches to be sold for September at an average price of $5.50. The actual sales were 3,200 meals and food revenue of $18,400. Use the table below to solve the questions.

 

Meals (# of units)

Price/unit

Total Revenue

 

 

 

Budget

3,000

$5.5

?

 

 

Actual

3,200

?

$18,400

Question 1. What was the total budgeted revenue?

Question 2. What was the actual price per unit?

Question 3. Determine the budget variance (i.e., total revenue variance).

Question 4. Determine the volume variance.

Question 5. Determine the price variance.

Question 6. Determine the price-volume variance

Question 7. Which variance was favorable in September? ( )

A. The volume variance

B. The price variance

C. The budget variance (i.e., total revenue variance)

D. All of the above

Reference no: EM132586607

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