Persian Fast, an independently owned restaurant chain, specializes in Persian cuisine fast food. Following is a partial performance report that a Persian Fast manager has been working on using Excel.

Requirements
1. Using the Excel file provided in MyLab Accounting, complete the VARIANCE column. Use the absolute reference function so that the variance displays as a positive number.
2. In that same Excel worksheet, complete “F or U” column using the IF function. If the variance in a given row is favorable, an “F” should display in the variance’s row in Column E. If the variance is unfavorable, a “U” should display in the variance’s row in Column E.
3. Which revenue variances are favorable?
4. Which expense variances are favorable?
5. If the company has a policy that all variances greater than $2,000 should be evaluated, which variances should be investigated?

Transcribed Image Text:

A 1 2 Sales Revenue: 3 In-house dining 4 Customer pick-up Uber Eats 5 6 In-house delivery 7 Food truck sales 8 Event catering 9 Expenses: 10 11 12 13 Ingredients Server wages Kitchen wages Manager salary $ $ $ $ $ $ $ $ $ $ B ACTUAL 804,809 $ 144,580 $ 72,769 $ 30,489 $ 99,146 $ 69,628 $ 741,402 $ 145,853 $ 53,463 $ 18,686 $ BUDGET 740,000 150,500 72,500 42,700 102,000 45,000 726,000 154,500 51,400 22,500 D VARIANCE E For U