Q3 Four college friends Violet, Ian, Nigel and Olivia decide to form a wine club (VINO) and the business plan for the first year includes 150 wine lovers who would pay $20 per bottle of wine on average and buy two bottles of wine each month. In practice the first year there are 180 patrons, who buy 18 bottles on average over the year and pay $25 per bottle. Nigel is bothered that people only bought 18 bottles not 24. Is he right to be concerned? Olivia has a head for numbers and took a finance class at UP so she has the data to address this issue. What would she tell him and her partners? Calculate the revenue variance for year one. Is it favorable or unfavorable? Calculate the quantity, volume and price variances also. (Hint: this is a revenue item not a cost item so check your answers] a