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Question Answered step-by-step Please teach how to solve Please teach how to solveImage transcription textal For the following problems, assumethat adults have IQ scores that arenormally distributed with a… Show more… Show moreImage transcription text8) Find the IQ score separating the top37% from the others 9) Waiting for atrain that leaves the stati… Show more… Show more  Math Statistics and Probability MATH 371 Share QuestionEmailCopy link Comments (0)

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Description Create a 7- to 8-slide presentation for the budget committee meeting. Complete the following in your presentation:Summarize the results of the sales volume and variable cost volume variances computations based on the comparison between the master budget and the flexible budget.Summarize the results of the flexible budget variances computations based on the comparison between the flexible budget and the actual results.Justify the favorable or unfavorable budget variances.Since this is a not-for-profit organization, address why anyone should be concerned with meeting the budget.Make recommendations for what can be done differently to stay on budget for future luncheons. Provide specific examples to support your recommendations.Cite references to support your assignment.Format your citations according to APA guidelines. 5 attachmentsSlide 1 of 5attachment_1attachment_1attachment_2attachment_2attachment_3attachment_3attachment_4attachment_4attachment_5attachment_5.slider-slide > img { width: 100%; display: block; } .slider-slide > img:focus { margin: auto; } Unformatted Attachment Preview a) Allocated Funds Expenses: Variable Expenses Meals Postage Fixed Expenses Facility Printing Decorations Speaker's gift Publicity Total Expenses Surplus (Deficit) b) Allocated Funds Expenses: Variable Expenses Meals Postage Fixed Expenses Facility Printing Decorations Speaker's gift Publicity Total Expenses Surplus (Deficit) Master Budget 25,290 Flexible Budget 25,290 = = 20,300 1,470 23490 1960 = = 1,000 950 840 130 600 25,290 0 1,500 950 840 130 600 29,470 -4,180 = = = = = = = Actual Results 25,290 = = 23490 1960 25,110 1,960 = = 1,500 950 840 130 600 29,470 -4,180 1,500 950 840 130 600 31,090 -5,800 = = = = = = = Flexible Budget 25290 - - Volume Variance 0 None -3,190 -490 Unfavorable Unfavorable -500 0 0 0 0 -4,180 4,180 Unfavorable None None None None Unfavorable Unfavorable Flexible Variance 0 None -1,620 0 Unfavorable None 0 0 0 0 0 -1,620 1,620 None None None None None Unfavorable Unfavorable Reasons for the differences between the budgeted and actual data follow. 1. The president of the organization, Rodney Snow, increased the invitation list to include 1,000 former members. As a result, 4,000 invitations were mailed. 2. Attendance was 1,620 individuals. Because of higher-than-expected attendance, the luncheon was moved to a larger room, thereby increasing the facility charge to $1,500. 3. At the last minute, Ms. Hubbard decided to add a dessert to the menu, which increased the meal cost to $15.50 per person. 4. Printing, decorations, the speaker's gift, and publicity costs were as budgeted. Required a. Prepare a flexible budget and compute the sales and variable cost volume variances based on a comparison between the master budget and the flexible budget. b. Compute flexible budget variances by comparing the flexible budget with the actual results. Page 380 c. Mr. Snow was extremely upset with the budget deficit. He immediately called Ms. Hubbard to complain about the budget variance for the meal cost. He told Ms. Hubbard that the added dessert caused the meal cost to be $4,810 ($25,110 – $20,300) over budget. He added, “I could expect a couple hundred dollars one way or the other, but several thousand is totally unacceptable. At the next meeting of the budget committee, I want you to explain what happened.” Assume that you are Ms. Hubbard. What would you tell the members of the budget committee? d. Since this is a not-for-profit organization, why should anyone be concerned with meeting the budget? Problem 8-19A Analyzing not-for-profit entity variances The Redmond Management Association held its annual public relations luncheon in April Year 2. Based on the previous year's results, the organization allocated $25,290 of its operating budget to cover the cost of the luncheon. To ensure that costs would be appropriately controlled, Molly Hubbard, the treasurer, prepared the following budget for the Year 2 luncheon. The budget for the luncheon was based on the following expectations: 1. The meal cost per person was expected to be $14.50. The cost driver for meals was attendance, which was expected to be 1,400 individuals. 2. Postage was based on $0.49 per invitation and 3,000 invitations were expected to be mailed. The cost driver for postage was number of invitations mailed. 3. The facility charge is $1,000 for a room that will accommodate up to 1,600 people; the charge for one to hold Page 379 more than 1,600 people is $1,500. 4. A fixed amount was designated for printing, decorations, the speaker's gift, and publicity. Actual results for the luncheon follow. REDMOND MANAGEMENT ASSOCIATION Actual Results for Public Relations Luncheon April Year 2 Operating funds allocated $25,290 Expenses Variable costs Meals (1,620 * $15.50) 25.110 Postage (4,000 $0.49) 1,960 Fixed costs Facility 1,500 Printing 950 Decorations 840 Speaker's gift 130 Publicity 600 Total expenses 31,090 Budget deficit $ (5,800) REDMOND MANAGEMENT ASSOCIATION Public Relations Luncheon Budget April Year 2 Operating funds allocated $25,290 Expenses Variable costs Meals (1,400 $14.50) 20,300 Postage (3,000 $0.49) 1,470 Fixed costs Facility 1,000 Printing 950 Decorations 840 Speaker's gift 130 Publicity 600 Total expenses 25,290 Budget surplus (deficit) $ 0 Purchase answer to see full attachment Tags: master budget NGOs Volume variance sale Costs Variances Variances Justification User generated content is uploaded by users for the purposes of learning and should be used following Studypool's honor code & terms of service.
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