Reference no: EM132587263
Palamino Jeep Tours operates jeep tours in the heart of the Colorado Rockies. The company bases its budgets on two measures of activity (i.e., cost drivers), namely guests and jeeps. One vehicle used in one tour on one day counts as a jeep. Each jeep has one tour guide.
The company uses the following data in its budgeting:
Revenue: fixed element per month 0,variable element per guest 144,variable element per jeep 0
TOUR GUIDE WAGES: Fixed element per month 0,Variable element per guest 0,variable element per jeep154
VEHICLE EXPENSES: Fixed element per month 3300,Variable element per guest 14, Variable element per jeep 43
ADMIN.EXPENSE: Fixed element per month 2400,Variable element per guest 4,Variable element per jeep 0
In january,the company budgeted for 330 guest and 143 jeeps.The companys income statement showing the actual result for the month appears below:
PALOMINO JEEP TOURS INCOME STATEMENT
Actual guest....320
Actual jeep......139
Revenue: 46990
Expenses:
Tour guide wages...20996
Vehicle expenses....13,977
Admin expenses... 3,630
Total expenses 38,603
Net operating income..8,387
REQUIRED:
Question 1: Prepare flexible budget performance report showing both the company's activity variances and revenues and spending variances for January? Please label each variances as favorable (F) or unfavorable (U)
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