Grohs Kennel uses tenant-days as its measure of activity; an animal housed in the kennel for one day is counted as one tenant-day. During December, the kennel budgeted for 2,500 tenant-days, but its actual level of activity was 2,530 tenant-days. The kennel has provided the following data concerning the formulas to be used in its budgeting:
-The food and supplies in the flexible budget for December would be closest to:
Definitions:
Discount
A reduction from the usual cost of something or the act of lowering the price.
Premium
The amount by which the price of something, especially a financial instrument, exceeds its principal or face value.
Unamortized Premium
The portion of the bond premium that has not yet been expensed to interest expense over the bond's life.
Redemption
The process of paying off or buying back something, such as repaying a bond at maturity or reclaiming ownership rights by paying a specific amount.
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