Perfect Parties, Inc. has several divisions, one of which provides birthdoy parties at their facility, and has provided the actual and planning budget results for the month of June. The Controller has asked you prepare the Birthday Party Division Budget Performance Report. Use the information included in the Excel Simulation and the Excel functions described below to complete the task. - Cell Reference: Allows you to refer to data from another cell in the worksheet. From the Excel Simulation below, if in a blank cell, "E11" was entered, the formula would output the result from cell E11, or 80 in this example. - Basic Math functions: Allows you to use the basic math symbols to perform mathematical functions. You can use the following keys: + (plus sign to add). - (minus sign to subtract). " (asterisk sign to multiply), and / (forward slash to divide). From the Excel Simulation below, if in a blank cell "=E13+F13" was entered, the formula would add the values from those cells and output the result, or 75,560 in this example. If using the other math symbols the result would output an appropriate answer for its function. - SUM function: Allows you to refer to multiple cells and adds all the values. You can add individual cell references or ranges to utiilze this function. From the Excel Simulation below, if in a blank cell "HSUM(E16,E17,E18)" was entered, the formula would output the result of adding those three separate cells, or 13,300 in this example. Similarly, if in a blank cell "=SUM(E16:E18)" was entered, the formula would output the same result of adding those cells, except they are expressed as a range in the formula, and the result would be 13,300 in this example. - ABS function: Allows you to return the absolute value of a number or calculation. You can reference any cell to display its absolute value, or surround another formula with the ABS function, to return the final result as an absolute value. From the Excel Simulation below. you can see in cell H18 that the ABS function is being used, "=ABS(F18-E18)" which first calculates the subtraction of F18 - E18 that results in -200. Then, the ABS portion of the formula returns the absolute value of the subtraction result, which would be 200 in this example. - IF function Allows you to test a concition and return a specific value is the result is true and different value if the result is false. The syntax of the IF function is "fiftest_condition,value_ if true.value__If_falsef' and 'specific considerations need to be made when using this function. The test_condition argument is an evaluation of the status of a cell, such as if the value of a cell is greater than, less than, or. equal to another number or cell. The value. it thue and value. It false arguments will return any specific result for each option, such as another cell reference, a value, or text. Throughout the entire equation, if text is being used in the test.condition, value, if, true, or: value.. If false arguments then the text itself should be entered in quotations so that Excel will recognize the text as a "string of text" instead of another function. From the Excel Simulation below, If in a blank cell "=IF(E13>30000," Revenue is good", "Revenue is bad") was entered, the formula would output the result of the value_ it. true since the test condition would be result as true, or in this case the text IF function: Allows you to test a condition and return a specic value is the result is wue and oilerentralued be made when using this syntax of the If function is "IF(test_condition, volue. If true,value_. function. The test_condition argument is an evaluation of the status of a cell, such as if the value of a cell is greater than, less than, of another cell reference, a value, or text. Throughout the entire equation, if text is being used in the test_condition, value, IC_true, or value. if false arguments then the text itself should be entered in quotations so-that Excel will recognize the text as a "string of text" instead of onother function. From the Excel Simulation below, if in a blank cell " 4F(E13>30000,"Revenue is good", "Revenue is bad") was entered, the formula would output the result of the value. If true since the test.condition would be result as true, or in this case the text "Revenue is good". Excel processes the IF function by separating it out into separate parts. First the testccondition - Excel thinks, find cell E13 and determine if the value is greater than 30,000. Once Excel determines if the result of that tostcondition is. TRUE or FALSE, it will return the value, if true or value_ if false. All answers must be entered as a formula. Click OK to begin. Perfect Parties, Ine, 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. 22 Net openating income \begin{tabular}{lllll} 5 & 9,300 & 5 & 10,080 \\ \hline \end{tabular} 5780F 23 Food costs, party supplies and party worker wages are variable costs. 24 Administrative salaries, equipment depreciation and rent are fixed costs. 25 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. Perfect Partics Birthday Party Division Flexible Budget Performance Report For the Month Ended June 30 3231 33 Planning Flexible Revenue and III Actual Budget Activity Variances Budget Spending Variances Results 34 Number of parties 35 36 Revenues 37 Expenses: 38 Food costs 19 Party supplies 40 Party worker wages 41 Administrative salaries 42 Equipment depreciation Perfoct Partics Birthday Party Division Flexible Budget Performance Report \begin{tabular}{|l|l|} \hline 31 & \\ \hline 32 & \\ \hline 33 & \\ \hline M & Number of parties \\ \hline \end{tabular} For the Month Ended June 30 36 Revenues 37 Fxpenses: 38 Food costs 19 Parfy supplies 40 Party worker wages 41 Administrative salaries 4) Equipment depreciation 43 Rent 44 Total espense 45 Net operating income