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Name Managerial Accounting 4B Test #3 (Ch. 8-10) Part 2. Problems. There are three problems and one bonus problem. Each one is worth the score indicated next to the problem number. Show all work for complete credit. You may attach extra pages if you so desire. Please be NEAT when writing your answers. I cannot grade illegible answers. (30 points possible) (8 points) Pie Guys Pizzeria is owned and operated by three brothers. Data concerning the pizzeria's monthly revenues and costs appear below (q refers to the number of pizzas served): 1. Formula Revenue Cost of RentgredientsS13.75q Utilities Salaries Miscellaneous $4.13q $2,050 $400+$0.15q $7,000 S700 +S.65q Actual results for February appear below. Prepare a flexible budget performance report for the pizzeria for February for 1,200 pizzas. $16,500 4,900 2,100 708 7,200 850 Revenue Cost of ingredients Rent Utilities Salaries Miscellaneous Required: Prepare a budget for 1,300 pizzas (this is the static budget). a. b. c. Prepare a budget for 1,200 pizzas (this is the flexible budget). Compute the activity variances between the two budgets and revenue/spending variances between the actual data and the flexible budget Also indicate whether the variance is favorable or unfavorable. Planning Budget Actual Revenue & Flexible Activity Spending Budget Variances Variances Units Revenue Cost of ingredients Rent Salaries Miscellaneous Total expenses Net operating