Reference no: EM132813669
Question - Mary is a principal of a school that provides education and accommodation for students. The school secretary prepared the following summary of costs for 2018, including a column showing the original budget for 2018.
The School - cost analysis 2018 budget 2018 actual
Number of students 200 180
Fixed costs Utilities $60,000 $64,000
Janitorial services 40,000 38,000
Repairs and maintenance 32,000 28,000
Salaries for non-convent employees 180,000 190,000
Total fixed costs 312,000 320,000
Variable costs Food 1000,000 920,000
Clothing 90,000 82,000
Laundry & Linen Service 30,000 25,000
Educational costs 60,000 52,000
Allowances 50,000 48,000
Total variable costs 1,230,000 1,127,000
Total Costs 1,542,000 1,447,000
Mary is pleased that total costs were below budget for the year, but she wonders if this is partly due to the fact that the school enrolled fewer children than expected for the year.
Required -
(1) Prepare a flexible budget for 2018, based on the number of children actually enrolled in 2018.
(2) Should Mary be satisfied with the school's cost management in 2018? Explain.
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