Question
In: Finance
Your budget for a coffee shop for 2020-2021 comes to $20,000. Actual Sales come to $21,000....
Your budget for a coffee shop for 2020-2021 comes to $20,000. Actual Sales come to $21,000. What does this tell you? Defend your answer.
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A. We sold the coffee at a higher price than we had planned. |
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B. Our sales came to more than we had budgeted. |
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C. We are better off than we had planned. |
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D. We sold more coffee than we planned. |
Solutions
Expert Solution
A Sales Budget is prepared by taking consideration the Budgeted sales quantity and standard sales price. The actual sales $ 21000 Varied the budgeted sales of $ 20000 due to following factor
a) Selling at higher rate than budgeted sale price
b) Actual Sale Volume may higher than Budgeted sale Volume
c) It is Positive achievement than budgeted
d) Yes Sales of more quantity than budgeted quantity
jeff jeffy answered 2 years agoRelated Solutions
Jason believes that the sales of coffee at his coffee shop depend upon the weather. The...
Jason believes that the sales of coffee at his coffee shop
depend upon the weather. The partial results of his regression
analysis is below. You might need to fill in some blank spaces in
the output.
Regression Statistics
Multiple R
0.95
R Square
Adj. R Square
0.88
Standard Error
39.98
Observations
6
ANOVA
df
SS
MS
F
Significance F
Regression
1
38.66
0.00
Error
4
1598.57
Total
5
68200.00
Coefficients
Std Error.
t Stat
P-value
Lower 95%
Upper 95%
Intercept...
The budgeted and actual results for June 2020 are as follows: Budget Actual Production (units) 150,000...
The budgeted and actual results for June 2020 are as
follows:
Budget
Actual
Production (units)
150,000
150,500
Direct material A
300,000m2
£675,000
316,050m2
£695,310
Direct material B
900,000
£18,000
1,053,500
£21,070
Direct labour
37,500 hours
£318,750
37,625 hours
£323,575
Fixed overheads
£287,500
£300,623.75
You are required to:
Calculate all possible variances from the information provided
above for June and use the variances to reconcile the actual cost
of production with the standard cost of production.
Evaluate the variances calculated in...
Assume that the sales of coffee at his coffee shop depend upon the weather. He has...
Assume that the sales of coffee at his coffee shop depend upon
the weather. He has taken a sample of 6 days. Below you are given
the results of the sample.
Cups of Coffee Sold
Temperature
340
50
200
60
210
70
100
80
60
90
40
100
a.
Which variable is the dependent variable?
b.
Using the Excel spreadsheet, run the least squares model and
write the summary output here.
c.
Compute the least squares estimated line.
d.
Compute...
Jason believes that the sales of coffee at his coffee shop depend upon the weather. He...
Jason believes that the sales of coffee at his coffee shop
depend upon the weather. He has taken a sample of 6 days varying in
degrees of temperature. Below you are given the results of the
sample.
Cups of Coffee Sold
Temperature (in ⁰F)
350
50
200
60
220
70
110
80
65
90
40
100
a. In this scenario, the dependent variable is .
b. The least squares estimated regression equation is .
c. The correlation coefficient (to...
Jason believes that the sales of coffee at his coffee shop depend upon the weather. He...
Jason believes that the sales of coffee at his coffee shop
depend upon the weather. He has taken a sample of 6 days. Below you
are given the results of the sample.
Cups of Coffee Sold
Temperature (in ⁰F)
350
50
200
60
210
70
100
80
60
90
40
100
a. Compute the least squares estimated regression equation.
b. Is there a significant relationship between the sales of
coffee and temperature? Use a t test and a .05 level...
Jason believes that the sales of coffee at his coffee shop depend upon the weather. He...
Jason believes that the sales of coffee at his coffee shop
depend upon the weather. He has taken a sample of 5 days. Below you
are given the results of the sample.
Cups of Coffee Sold
Temperature
700
50
500
60
400
70
200
80
100
90
Now we are going to conduct a hypothesis test to see if there is
a significant relationship between sales of coffee and
temperature.
The hypotheses are:
H 0 ; β 1 = 0...
Hi I need the solution in details (show your work) Monthly sales at a coffee shop...
Hi I need the solution in details (show your work) Monthly sales
at a coffee shop have been analyzed. The seasonal index values are
Month Index Jan 1.38 Feb 1.42 Mar 1.35 Apr 1.03 May 0.99 June 0.62
July 0.51 Aug 0.58 Sept 0.82 Oct 0.82 Nov 0.92 Dec 1.56 and the
trend line is 74123 + 26.9(t). Assume there is no cyclical
component and forecast sales for year 8 (months 97 - 108).
Suppose your favorite coffee machine offers 7 ounce cups of coffee. The actual amount of coffee...
Suppose your favorite coffee machine offers 7 ounce cups of
coffee. The actual amount of coffee put in the cup by the machine
varies according to a normal distribution, with mean equal to 8
ounces and standard deviation equal to .67 ounces
a. What percentage of cups will be filled with
more than 7.7 ounces?
b. What percentage of cups will have in between 7
and 8 ounces of coffee?
You are given the following static budget report: Budget Actual Variance Unit Sales  
You are given the following static budget report:
Budget Actual Variance
Unit
Sales 10,000 15,000 5,000
F
Variable Expenses:
Commissions $30,000
$33,000 $3,000 U
Advertising $1,000
$1,200 $200 U
Travel $10,000
$11,000 $1,000 U
Samples $2,500
$2,300 $200 F
Total
Variable $43,500
47,500 $4,000 U
Fixed Expenses
Rent $5,000
$5,000 0
Salaries –
Sales $2,000
$2,000 0
Salaries –
Office $1,200
$1,200 0
Depreciation $1,500
$1,500 0
Total
Fixed $9,700
$9,700 0
Total Expenses $53,200 $57,200 $4,000 U
Prepare a flexible budget analysis and explain whether you
believe that costs were controlled. How do the results
of...
Omega Coffee Shop enters into a contract with Software Wizards Co. on May 15, 2020, to...
Omega Coffee Shop enters into a contract with Software Wizards
Co. on May 15, 2020, to deliver 100 bags of ground coffee beans to
Software on June 1. Software agrees to pay $1,000 for the coffee
beans, which cost Omega $6 each. Omega delivers the bags of coffee
beans on June 1, 2020, and receives payment from Software on June
20, 2020.
Prepare the journal entries for Omega Coffee Shop related to this
contract.
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