4. Break down the price variance into a charge variance and an exchange variance. What do these variances tell you? Note that the charge variance is based solely on the difference between the budgeted price and actual price (based on the currency rate used in the organizations budget). The exchange variance is based solely on the difference between budgeted exchange rate and the exchange rate actually used in paying the invoice.

The data you have to work with, at least for now, are as follows:
Actual Attendees	1,234
Expected Attendees	1,220
Actual Cost Per Dinner	58.00
Budgeted Cost Per Dinner	60.00
Budget was set at the beginning of December 2014
Dinner costs (in British pounds) were incurred on May 19, the day of the event.
Dinner costs were invoiced and paid (in euros) on May 21 from EAPC accounts.