Required information [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: 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: 7. The sales volume variances in column I are influenced by two cost drivers-number of productions and number of performances. Therefore: a. In cell 121 create a formula that quantifies the portion of the overall sales volume variance that is caused solely by the fact that The Munchkin Theatre actually put on four productions instead of the planned number of five productions. What is the amount in cell 121 ? b. In cell 122 create a formula that quantifies the portion of the overall sales volume variance that is caused solely by the fact that The Munchkin Theatre actually put on 64 performances instead of the planned number of 60 performances. What is the amount in cell 122 ? c. Create IF-THEN statements in cells J21 and J22 that properly label your variances in cells I 21 and I22 as favorable (F) or unfavorable (U). 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? 9. Using Conditional Formatting, highlight all static budget variances that vary from the flexible budget by an absolute value of 5% or more. (Hint: Within the conditional formatting drop down menu look for the appropriate formula in the "More rules" section. Also, make sure your formula does not include any absolute references.) Which static budget variances deviate from the flexible budget by at least 5\%? (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as incorrect.) W Ticket booth personnel and ushers' wages Scenery, costumes, and props Required information [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: 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: 7. The sales volume variances in column I are influenced by two cost drivers-number of productions and number of performances. Therefore: a. In cell 121 create a formula that quantifies the portion of the overall sales volume variance that is caused solely by the fact that The Munchkin Theatre actually put on four productions instead of the planned number of five productions. What is the amount in cell 121 ? b. In cell 122 create a formula that quantifies the portion of the overall sales volume variance that is caused solely by the fact that The Munchkin Theatre actually put on 64 performances instead of the planned number of 60 performances. What is the amount in cell 122 ? c. Create IF-THEN statements in cells J21 and J22 that properly label your variances in cells I 21 and I22 as favorable (F) or unfavorable (U). 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? 9. Using Conditional Formatting, highlight all static budget variances that vary from the flexible budget by an absolute value of 5% or more. (Hint: Within the conditional formatting drop down menu look for the appropriate formula in the "More rules" section. Also, make sure your formula does not include any absolute references.) Which static budget variances deviate from the flexible budget by at least 5\%? (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as incorrect.) W Ticket booth personnel and ushers' wages Scenery, costumes, and props