Can someone help with figuring out the correct calculations?

Pounds of Trouble: Analyzing Exchange Rate Variances

Actual attendees 1234

Expected attendees 1220

Actual cost per dinner 58

Budgeted cost per dinner 60 (The 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

Table 1. Daily Midpoint Exchange Rates

Date Cost of 1, in euros

December 1, 2014 1.26

December 31, 2014 1.28

May 19, 2015 1.39

May 21, 2015 1.40

1.What is the static budget variance (that is, the difference between the original budget and actual results) for the dinner?

2. Break down the static budget variance into a volume variance and a flexible budget variance for the dinner. What do these variances tell you?

3. Break down the flexible budget variance into price and efficiency variances. What do these variances tell you?

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.

5. Based on your calculations, what is the primary source of the problems with the dinner? Who appears to be most directly responsible for the dinner failure? Assuming that the problem behind the dinner is the general cause of the EAPCs challenges this year, what recommendations would you make to avoid these problems in the future?