Accounting Training, Inc. (ATI) provides continuing education seminars. These seminars are sold as a continuing education event to accounting firms, which then schedule to bring in their own employees. Seminars are held at hotels in a location that is convenient to the client organization. ATI has a large number of certified seminar instructors that it contracts to travel to the event and provide the training. The standard price for a training seminar event is $50,000. Below are ATI's standard variable costs for a seminar event.

Accounting Training, Inc. Standard Price and Cost Sheet Input Quantity Cost per Input Cost per Event Printed packets per attendee75 attendees$50 per attendee$ 3,750Instructors per instructor3 instructors$4,000 per instructor12,000Travel reimbursement per instructor3 instructors$1,100 per instructor3,300Hotel facility rent per event1 event$20,000 per event20,000Total Product Cost$39,050

In addition to the standard variable costs listed above, ATI has budgeted $100,000 as an annual fixed cost for advertising.

For the year just completed ATI had originally planned for 80 seminar events with 75 participants per event. ATI actually held 77 seminar events for the year with an average of 78 participants at each event and collected $3,734,500 in revenue. ATI's actual costs and activity volumes are listed below.

• Printed materials: $351,000 for 6,500 packets
• Instructors: $936,000 for 240 instructor contract payments
• Travel: $288,000 for 240 travel reimbursements
• Hotels: $1,617,000 for 77 hotel bookings
• Advertising: $88,000 total

What is the revenue price variance and volume variance?

Group of answer choices

Revenue Price Variance: $115,500 Unfavorable; Revenue Volume Variance: $150,000 Unfavorable.

Revenue Price Variance: $115,500 Unfavorable; Revenue Volume Variance: $150,000 Favorable.

Revenue Price Variance: $115,500 Favorable; Revenue Volume Variance: $150,000 Unfavorable.

Revenue Price Variance: $115,500 Favorable; Revenue Volume Variance: $150,000 Favorable.