What Was the Approximate Average Daily Cost Per Inmate for Food

question 69

Multiple Choice

What was the approximate average daily cost per inmate for food in 2003?

• A) $0.75
• B) $2.00
• C) $3.50
• D) $13.00

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Definitions:

Budgeted Costs

Projected financial expenditures that a company expects to incur during a specified period in the future.

Static Budget

A fixed budget based on a specific level of activity and does not change with the actual level of activity.

Favorable Differences

Variations between budgeted and actual figures that are advantageous to the company, indicating better performance or savings.

Unfavorable Differences

Variances that occur when actual costs are higher than the budgeted or standard costs, often considered as negative variances.