All answers must be entered as a formula. Click OK to begin. OK A6 vXfBirthday Party Division Analysis of Revenues and Costs 1 Perfect Parties, Inc. has several divisions. One division provides birthday parties at their facility 2 Each party sold provides entertainment, decorations, food, and party favors for 10 children The bookkeeper has prepared a report comparing actual results for the month of June to budgeted results. 4 Perfect Parties Birthday Party Division Analvsis of Revenues and Costs For the Month Ended June 30 6 Planning Budget Actual Results Variances 10 11 Number of parties 12 13 Revenue 14 Expenses: 15 Food costs 16 Party supplies 17 Party worker wages 18 Administrative salaries 19 Equipment depreciation 20 Rent 21 Total expense 2Net operating income 80 92 36,000$39,560 3,560 F 1,448 U 204 U 1,328 U 200 F 7,200 3,200 6,400 3,700 1,200 5,000 26,700 8,648 3,404 7,728 3,500 1,200 5,000 29,480 9,300 $ 10,080 - None - None 2,780 U $780 F A6 Vf Birthday Party Division Analysis of Revenues and Costs 20 Rent 21 Total expense 2Net operating income 23 Food costs, party supplies and party worker wages are variable costs. 24Administrative salaries, equipment depreciation and rent are fixed costs. 25 5,000 26,700 5,000 29,480 10,080 - None 2,780 U $780 F 9,300 $ 26 Prepare a new report for June using the flexible budget approach. 27 Enter all variances as positive amounts. If there is a variance, write an IF statements to indicate if it is F or U (using capital letters 28 If there is no variance, enter the word None 30 31 32 Perfect Parties Birthday Party Division Flexible Budget Performance Report For the Month Ended June 30 Planning Budget Flexible Actual Results Revenue and Activity Variances Budget Spending Variances 34 Number of parties 35 36 Revenues 37 Expenses: 38 Food costs 39 Party supplies 40 Party worker wages 28 If there is no variance, enter the word None 29 30 31 32 Perfect Parties Birthday Party Division Flexible Budget Performance Report For the Month Ended June 30 Actual Results Flexible Revenue and Planning Budget Activity Variances Budget Spending Variances 34 Number of parties 35 36 Revenues 37 Expenses: 38 Food costs 39 Party supplies 40 Party worker wages 41Administrative salaries 42 Equipment depreciation 43 Rent 44 Total expense 45 Net operating income 46 47 48 49