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Problem 1: Holiday Company prepares packed lunches for hikers in Yosemite. Hikers order their lunches by 10 pm and their lunch is left at their hotel room door in a re-useable insulated bag by 5 am the following morning. Holiday budgeted 5,000 lunches for July and each lunch requires 0.50 process hours. Holiday's static budget for electricity for the month is $3,000. Actual sales, process hours, and electricity cost totaled 5,100 lunches, 2,480 PH, and $3,040, respectively. If the company used a static budget for performance evaluations, Holiday would report a cost variance of:
Multiple Choice Option 1: $24U.
Option 2: $24F.
Option 3: $40U.
Option 4: $40F.
Option 5: None of the answers is correct.
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