Perfect Parties, Inc. has several divisions. One division provides birthday parties at their facility. 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. Perfect Parties Birthday Party Division Analysis of Revenues and Costs For the Month Ended June 30 Planning Budget Actual Results Variances Number of parties 80 92 . None Revenue $ 36,000 S 39,560 3,560 F Expenses: Food costs 7,200 8,648 1,448 U Party supplies 3,200 3,404 204 U Party worker wages 6,400 7,728 1,328 v Administrative salaries 3,700 3,500 200 F Equipment depreciation 1,200 1,200 - None Rent 5,000 5,000 Total expense 26,700 29,480 2,780 U Net operating income $ 9,300 $ 10.080 $ 780 Food costs, party supplies and party worker wages are variable costs. Administrative salaries, equipment depreciation and rent are fixed costs. Prepare a new report for June using the flexible budget approach. Enter all variances as positive amounts. If there is a variance, write an IF statements to indicate if it is for U letters) If there is no variance, enter the word None. FILL OUT YELLOW BOXES. ANSWERS ONLY IN FORMULA Perfect Parties Birthday Party Division Flexible Budget Performance Report For the Month Ended June 30 Planning Budget Flexible Budget 92 Revenue and Spending Variances Actual Results Activity Variances Number of parties 92 5 36,000 Revenues Expenses: Food costs Party supplies Party worker wages Administrative salaries Equipment depreciation Rent Total expense Net operating income 7,200 3,200 6,400 3,700 1,200 5,000 26,700