Question: The BIO 100 class prepares a budget for a trip. They expect to use 100 gallons of gas and pay $1.70 per gallon. In addition

The BIO 100 class prepares a budget for a trip. They expect to use 100 gallons of gas and pay $1.70 per gallon. In addition they estimate buying 5 meals at a cost of $90 per meal. They actually use 98 gallons and pay $1.75 per gallon and spend $435 for 4 meals.

From the foregoing information, compute the following variances. Indicate whether the variance is favorable (F) or unfavorable (U): (Show your work!)

  1. Gasoline quantity variance.

  1. Gasoline price variance.

  1. Meal quantity variance.

  1. Meal price variance.

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!