The Chicago Wolves play in the American Ice Hockey League.
The budgeted and actual average attendance figures per game in the 2017 season are as follows:
Budgeted Seats Sold Actual Seats Sold
Lower tier 3,000 4,200
Upper-tier 7,000 7,800
Total 10,000 12,000
The Wolves play in the Downtown Arena, which is owned and managed by the City of Chicago. The arena has a capacity of 15,000 seats (4,000 lower-tier seats and 11,000 upper-tier seats). The arena charges the Wolves a per-ticket charge for use of its facility. All tickets are sold by the Reservation Network, which charges the Wolves a reservation fee per ticket. The Wolves' budgeted contribution margin for each type of ticket in 2017 is computed as follows:
|Lower-Tier Tickets||Upper-Tier Tickets|
|Downtown Arena fee||12||4|
|Reservation Network fee||3||2|
|Contribution margin per ticket||$19||$5|
There was no difference between the budgeted and actual contribution margin for lower-tier or upper-tier seats. The manager of the Wolves was delighted that actual attendance was 20% above budgeted attendance per game, especially given the depressed state of the local economy in the past six months.
1. Compute the sales-volume variance for each type of ticket and in total for the Chicago Wolves in 2017. (Calculate all variances in terms of contribution margins.)
Determine the formula for sales-volume variance, then compute the sales-volume variance for each type of ticket and in total for the Chicago Wolves in 2017. (Calculate all variances in terms of contribution margins .) Label each variance as favorable (F) or unfavorable left parenthesis Upper U right parenthesis. (Enter all variances as positive numbers. Abbreviation used: qty = quantity.)
2. Compute the sales-quantity and sales-mix variances for each type of ticket and in total in 2017.
3.Comment on the variance results from requirements 1 and 2. Get Accounting Homework Help Today
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