A party was held to celebrate the bicentennial of Clarksville, the county seat of Caroline County. Six-hundred attendees were estimated, but 700 arrived. The food and entertainment budget was $6,000, but the actual costs were $7,500. The overall spending variance was $1,500 ($7,500 - $6,000 = $1,500). Using flexible budgeting techniques and variance analysis, explains how this $1,500 overall variance is divided into a cost variance and a volume variance. Include your calculations and conclusions to present at the next board meeting.