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Expand Your Critical Thinking Decision-Making Across the Organization gr10.1 Service Green Pastures is a 400-acre farm on the outskirts of the Northwich, specializing in he boarding of broodmares and their foals. A recent economic downturn in the thoroughbred industry has led to a decline in breeding activities, and it has made the boarding business extremely competitive To meet the competition, Green Pastures planned in 2020 to entertain clients, advertise more and absorb expenses formerly paid by clients such as veterinary and blacksmith fees. The budget report for 2020 is presented below. As shown, the static income statement budget for the year is based on an expected 21,900 boarding days at 25 per mare. The variable expenses per mare per day were budgeted: feed 5, veterinary fees 3, blacksmith fees 0.25, and supplies 0.55. All other budgeted expenses were either semifixed or fixed. During the year, management decided not to replace a worker who quit in March, but it did issue a new advertising brochure and did more entertaining of clients. extensively engid Green Pastures Static Budget Income Statement For the Year Ended December 31, 2020 bsblom bwo Actual Master Budget Difference Number of mares 8 U 52 60 Number of boarding days 19,000 21,900 122,900 U Sales Less: Variable expenses Feed 380,000 547,500 167,500 U dan 104,390 109,500 65,700 a5,475 5,110 F 6,862 F 491 F Veterinary fees Blacksmith fees Supplies 58,838 000 4,984 00181 Total variable expenses 10,178 1,867 F 12,045 178,390 192,720 14,330 F Contribution margin 201,610 2 20000 354,780 153,170 U 200 Data for this case are based on Hans Sprohge and John Talbott, "New Applications for Variance Analysis," Journal of Accountancy (AICPA, New York). April 1989, pp. 137-141 bolonExpand Your Critical Thinking 10-49 nog Actual Master Budget Less: Fixed expenses Depreciation Insurance Difference 40,000 40,000 -0- 11,000 Utilities 11,000 -0- 12,000 10,000 88,000 12,000 7,000 14,000 11,000 95,000 Repairs and maintenance 2,000 F 1,000 F Labor Advertisement Entertainment 7,000 F 4,000 U 2,000 U 8,000 5,000 184,000 Total fixed expenses 180,000 4,000 F Net income 21,610 170,780 149,170 U dada Instructions With the class divided into groups, answer the following. Based on the static budget report: 1. What was the primary cause(s) of the loss in net income? 2. Did management do a good, average, or poor job of controlling expenses? 3. Were management's decisions to stay competitive sound? b. Prepare a flexible budget report for the year. c. Based on the flexible budget report, answer the three questions in part (a) above. d. What course of action do you recommend for the management of Green Pastures