Part 4 Tennis Inc. sells tennis rackets and tennis balls. For the year, company management budgeted the following: Sales Revenue Unit Sales price Tennis Rackets Tennis balls $1,400,000 $1,800,000 $70 At the end of the year, the following actual sales and variances occurred: Actual sales of Tennis Rackets Sales Price Variance of Tennis Rackets Sales Revenue of Tennis Balls Sales Volume Variance of Tennis Balls 21,000 units $63,000 U $1,680,000 $300,000 U $5 Required: Use cell references and an IF function for determination of U or F designation. You will need to use SumIF function when determining total variances and determining the U or F designation. I have a video that goes over the Revenue Variances. 1. Compute Budgeted sales volume for each product: Tennis Rackets Tennis Balls 2. Compute the sales volume variance for tennis rackets. Sales Volume Variance for tennis rackets 3. Determine the actual sales volume of tennis balls 4. Determine the actual sales price of tennis balls 5. Compute sales price variance for tennis balls. 6. Using the SUMIF determine the total sales variance for all of the products. Remember variances should not show negative number so you should use absolute terms where needed. On the designation of U or F for the total you will use the SUMIF that is nested in an IF statement. Sales Price Variance of Tennis Rackets Sales Volume Variance for Tennis Rackets Sales Price Variance of Tennis Balls Sales Volume Variance for Tennis Balls Total Revenue variances 7. Explain what conditions might have contributed to the revenue variances? You need to explicitly discuss each of the products and how these variances impacted the total revenue variances.