What is the cost behavior pattern assumed for the food

Assignment Help Accounting Basics
Reference no: EM13136238

A university's meal plan for students provides that 40% of a student's meal fee is made available to the student to purchase food at "cost." At the end of the term, the student receives a refund for any of this amount that has not been spent. The other 60% of the meal fee is retained by the food service operation.

a. What is the cost behavior pattern assumed for the food consumed by the student?

b. What is the cost behavior pattern assumed for the 60% of the meal fee retained by the food service operation?

c. Give an example of three costs that are probably included in the cost behavior classification you identified in part b.

d. Is this meal plan more equitable to students than one in which all of the meal fee is retained by the food service operation, and students can eat as much as they want? Explain your answer.

Reference no: EM13136238

Questions Cloud

How sample have come from normal population : Find the mean, median, mode, sample variance, and range. Do you think that this sample might have come from a normal population? Why or why not?
Short discussion on obamacare : Few pieces of legislation have created as much controversy as the Patient Protection and Affordable Care Act, popularly known as Obamacare.
Calculate the molar concentration of cl- : A 325-mL sample of solution contains 25.3 g of CaCl2, which is fully dissolved. Calculate the molar concentration of Cl- in this solution.
State and federal constitutions : What common elements separate state and federal constitutions, and why would certain elements seemingly be more effective on a local level?
What is the cost behavior pattern assumed for the food : A university's meal plan for students provides that 40% of a student's meal fee is made available to the student to purchase food at "cost." At the end of the term, the student receives a refund for any of this amount that has not been spent. The ..
Patient protection and affordable care act : Discuss the nature of the interaction between the House and Senate during the development and passage of the Affordable Care Act. What are the calculations that each chamber's leaders made?
What mass of (nh4)2so4 must be dissolved : what mass of (NH4)2SO4 must be dissolved in 0.100L of 0.350M NH3 to produce a buffer solution with pH 10.05?
Statements concerning capital structure weights : Which one of the following statements is correct concerning capital structure weights?
Contributions of tyack and cuban and dewey : What are the similarities, differences, and unique contributions of Tyack and Cuban and Dewey?

Reviews

Write a Review

Accounting Basics Questions & Answers

  What is the amount due on the note

Mix Recording Studios purchased $7,800 in electronic components from TechCom. Mix Recording Studios signed a 60-day, 10% promissory note for $7,800. If the note is dishonored, what is the amount due on the note?

  Compute the group charitable contribution deduction

ParentCo's separate taxable income was $350,000, and SubCo's was $225,000. Consolidated taxable income before contributions was $400,000. Charitable contributions made by the affiliated group included $15,000 by ParentCo and $20,000 by SubCo. Comp..

  Return of capital and capital gain

The partners share equally in partnership capital, income, gain, loss, deduction, and credit and capital is not a material income-producing factor.

  Description of material price variance

The Alperti Company manufactures surgical gowns for hospitals. Their controller, Ethell Hieken is preparing the variance analysis report for October. Standard Costs are as follows: What is the material price variance?

  How would you respond on behalf of your client

Your client Crimson Corp. (CC) is being audited by the Department of Revenue for the State of New York for the calendar year 2010. CC had been audited by the Internal Revenue Service (IRS) for 2010 and agreed with CC's tax position that the sale o..

  Making consolidated financial statements

Give the eliminating entries needed at December 31, 2008, to prepare consolidated financial statements.

  Determining performance evaluation-residual income

Calculate net operating income and residual income for each division. Compare the two divisions and discuss the usefulness of ROI and residual income for the purpose of comparing the divisions.

  Condemnation award gains-replacement real property

William Stevenson sold his warehouse to a public utility for $24,000 under a threat of condemnation. He paid $25000 for the property and spent an addition $1000 for a new roof. He had claimed $3600 depreciation in conjunction with the condemnation..

  What is the adjusting entry for the accrued interest

On November 1, Carter Company signed a 120-day, 10% note payable, with a face value of $9,000. What is the adjusting entry for the accrued interest at December 31 on the note?

  Calculate efficiency variances

Compute the efficiency variances for direct labour and direct materials. Provide likely explanations for variances. Do you have reason to be concerned about you performance evaluation? Explain.

  Why is materiality sometimes difficult to apply in practice

Which two components of internal control must management assess when reporting on internal control to comply with Section 404 of SOX?

  Maximum price pay for the bond

If you require a 7 percent nominal yield to maturity on this investment, what is the maximum price you should be willing to pay for the bond?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd