Review the scenario and complete the activity below. This scenario can also be found in the Problems Series A section 8-19A of Ch. 8, Performance Evaluation of Fundamentals of Managerial Accounting Concepts. Use Excelshowing all work and formulasto complete the following: Prepare a flexible budget. Compute the sales volume variance and the variable cost volume variances based on a comparison between the master budget and the flexible budget. Compute flexible budget variances by comparing the flexible budget with the actual results. Mr. Snow was extremely upset with the budget deficit. He immediately called you, the treasurer, to complain about the budget variance for the meal cost. He told you that the added dessert caused the meal cost to be $4,810 ($25,110 - $20,300) over budget. He added, I could expect a couple hundred dollars one way or the other, but several thousand is totally unacceptable. At the next budget meeting of the budget committee, I want you to explain what happened. Create a 6- to 8-slide presentation for the budget committee meeting showing your findings and recommendations from your computations. Complete the following in your presentation: Summarize the results of the sales volume and variable cost volume variances computations based on the comparison between the master budget and the flexible budget. Summarize the results of the flexible budget variances computations based on the comparison between the flexible budget and the actual results. Justify the favorable or unfavorable budget variances. Since this is a not-for-profit organization, address why anyone should be concerned with meeting the budget. Make recommendations for what can be done differently to stay on budget for future luncheons. Provide specific examples to support your recommendations. Include detailed speaker notes.