Excel Analytics 09-01 (Static) Flexible Budget Performance Analysis (LO2, L04] [The following information applies to the questions displayed below.] The Munchkin Theater is a nonprofit organization devoted to staging plays for children. The theater has a very small full- time professional administrative staff. Through a special arrangement with the actors' union, actors and directors rehearse without pay and are paid only for actual performances. The Munchkin Theater has asked for your help in preparing a Planning budget at the beginning of the year and evaluating actual expenses at the end of the year. The theater expects to put on five different productions with a total of 60 performances. For example, one of the productions is Peter Rabbit, which had been budgeted for five performances. After interviewing various people affiliated with the theater you have developed the following estimated cost formulas for each of the eight expenses that will be included in your Planning budget: Per Production Fixed Cost Formulas Per Performance $2,400 $ 450 $ 180 $8,600 Actors' and directors' wages Stagehands' wages Ticket booth personnel and ushers' wages Scenery, costumes, and props Theater hall rent Printed programs Publicity Administrative expenses $ 750 175 $2,600 $1,296 $ 72 $32,400 By the end of the year, The Munchkin Theater actually put on four productions and a total of 64 performances. The actual expenses incurred during the year were as follows: Actors' and directors' wages Stagehands' wages Ticket booth personal and ushers' wages Scenery, costumes, and props Theater hall rent Printed programs Publicity Administrative expenses Total $159, 200 28,600 12,300 39,300 49,600 10,950 12,000 41,650 $ 353, 600 11 8. Using Conditional Formatting, highlight all static budget variances that varied by an absolute value of $1,000 or more. How many of the static budget variances are highlighted? Complete this question by entering your answers in the tabs below. Req 1 Reg 2 Req 3 Req 4 Req 5 Req 6 Req 7 Reg 8 Go to the "Planning Budget tab within your template. Prepare the planning budget in column E of the spreadsheet using the following three-step process. a. Create a formula for actors' and directors' wages in cell E10. Make sure your formula is designed so that you can copy and paste it into cells E11 through E17. What is the total amount of actors' and directors' wages in your planning budget? b. Copy your formula from cell E10 into cells E11 through E17. What is the total amount of administrative expenses in your planning budget (cell E17)? c. Use the AutoSum feature to calculate the total amount of expenses in your planning budget (cell E18). What is the total amount? Show less 1-a. 1-b. Total amount of actors' and directors' wages Total amount of administrative expenses Total amount of expenses 1-c. 8. Using Conditional Formatting, highlight all static budget variances that varied by an absolute value of $1,000 or more. How many of the static budget variances are highlighted? Complete this question by entering your answers in the tabs below. Req 1 Req 2 Req 3 Req 4 Req 5 Reg 6 Req 7 Req 8 Go to the "Performance Report tab within the Excel template for the remainder of the requirements. Prepare a flexible budget in column H of the spreadsheet using the following three-step process. a. Create a formula for actors' and directors' wages in cell H10. Make sure your formula is designed so that you can copy and paste it into cells H11 through H17. What is the total amount of actors' and directors' wages in your flexible budget? b. Copy your formula from cell H10 into cells H11 through H17. What is the total amount of administrative expenses in your flexible budget (cell H17)? c. Use the AutoSum feature to calculate the total amount of expenses in your flexible budget (cell H18). What is this total amount? Show less 2-a. Total amount of actors' and directors' wages 2-b. Total amount of administrative expenses 2-c. Total amount of all expenses 8. Using Conditional Formatting, highlight all static budget variances that varied by an absolute value of $1,000 or more. How many of the static budget variances are highlighted? Complete this question by entering your answers in the tabs below. Reg 1 Reg 2 Reg 3 Req 4 Reg 5 Req 6 Req 7 Req 8 Calculate the amount of the static budget variances in column F using the following five-step process (Do not worry about labeling the variances as U or F at this point): (Negative amount should be indicated by a minus sign.) a. Create a formula for the actors' and directors' wages static budget variance in cell M10. What is the amount of the static budget variance for actors' and directors' wages? b. Copy your formula from cell M10 into cells M11 through M17. What is the amount of the static budget variance for administrative expenses (cell M17)? c. Use the AutoSum feature to calculate the total static budget variance in cell M18. What is the total static budget variance? d. Using the Absolute Value function, input the absolute values of the amounts in cells M10 through M18 into cells F10 through F18. e. Hide column M. Show less A 3-a. 3-b. Amount of the static budget variance for actors' and directors' wages Amount of the static budget variance for administrative expenses Total static budget variance 3-c. 8. Using Conditional Formatting, highlight all static budget variances that varied by an absolute value of $1,000 or more. How many of the static budget variances are highlighted? Complete this question by entering your answers in the tabs below. Req 1 Req 2 Req 3 Req 4 Req 5 Reg 6 Req 7 Req 8 Insert a favorable (F) or unfavorable (U) label in column G for each static budget variance shown in column F using the following two-step process: a. Create an IF-THEN statement in cell G10 that properly labels the actors' and directors' wages static budget variance as favorable or unfavorable. (Hint: Your If-Then statement should be focused on the amounts in cells H10 and E10.) What label appears for this variance, F or U? b. Copy your IF-THEN statement from cell G10 into cells G11 through G18. What label appears for the administrative expense static budget variance, F or U? Show less A 4-a. What label appears for this variance, F or U? What label appears for the administrative expense static budget variance, F or U? 4-b. Req3 Req 5 > 8. Using Conditional Formatting, highlight all static budget variances that varied by an absolute value of $1,000 or more. How many of the static budget variances are highlighted? Complete this question by entering your answers in the tabs below. Req 1 Req 2 Req 3 Req 4 Req 5 Req 6 Req 7 Req 8 Calculate the amount of the sales volume variances in column I using the following five-step process (Do not worry about labeling the variances as U or F at this point): (Negative amount should be indicated by a minus sign.) a. Create a formula for the actors' and directors' wages sales volume variance in cell N10. What is the amount of the sales volume variance for actors' and directors' wages? b. Copy your formula from cell N10 into cells N11 through N17. What is the amount of the sales volume variance for administrative expenses (cell N17)? c. Use the AutoSum feature to calculate the total sales volume variance in cell N18. What is the total sales volume variance? d. Using the Absolute Value function, input the absolute values of the amounts in cells N10 through N18 into cells 110 through 118. e. Hide column N. Show less A 5-a. Amount of the sales volume variance for actors' and directors' wages Amount of the sales volume variance for administrative expenses 5-b. 5-c. Total sales volume variance 8. Using Conditional Formatting, highlight all static budget variances that varied by an absolute value of $1,000 or more. How many of the static budget variances are highlighted? Complete this question by entering your answers in the tabs below. Req 1 Req 2 Req 3 Req 4 Req 5 Req 6 Req 7 Req 8 Insert a favorable (F) or unfavorable (U) label in column J for each sales volume variance shown in column I using the following two-step process: a. Create an IF-THEN statement in cell J10 that properly labels the actors' and directors' wages sales volume variance as favorable or unfavorable. (Hint: Your If-Then statement should be focused on the amounts in cells K10 and H10.) What label appears for this variance, F or U? b. Copy your IF-THEN statement from cell J10 into cells J11 through J18. What label appears for the administrative expense sales volume variance, For U? Show less A 6-a. What label appears for this variance, F or U? What label appears for the administrative expense sales volume variance, F or U? 6-b. 8. Using Conditional Formatting, highlight all static budget variances that varied by an absolute value of $1,000 or more. How many of the static budget variances are highlighted? Complete this question by entering your answers in the tabs below. Req 1 Reg 2 Req 3 Req 4 Req 5 Reg 6 Reg 7 Req 8 Using Conditional Formatting, highlight all static budget variances that varied by an absolute value of $1,000 or more. How many of the static budget variances are highlighted? Number of static budget variances highlighted